AIJ searched by Japanese investigators

Japanese investigators have searched the offices of scandal-hit pension and money management firm AIJ Investment Advisors.

The company was also stripped of its registration, effectively ending its ability to operate as an asset manager.

AIJ is being investigated after it failed to account for 185.3bn yen ($2.2bn; £1.39bn) of client funds.

The scandal is the latest to hit Japan, and there have been calls for changes in corporate governance.

At the end of last year, Japan was shocked by the news that camera maker Olympus had hidden $1.7bn (£1.1bn) in losses for as long as 20 years.

As a result, when the size of the problems at AIJ become clear, Japanese authorities said they would start to probe all the other investment firms in the country.

AIJ managed group pension funds for more than a hundred companies.

Commenting after the raids on Friday, Japan's financial services minister said that AIJ's registration as an asset manager was cancelled. He added that the authorities had also suspended one of AIJ's brokers and sales agents, ITM Securities, for six months.