The Japanese authorities have launched an investigation into eight oil companies suspected of forming a light oil cartel. The companies are being questioned over suspicions of unfair trade practices - potentially conspiring to fix oil prices - that would be detrimental to competition and harmful to consumers. The time frame of the alleged activity, its scope, and the impact it potentially had on the market remain to be determined.

In Japan, business cartels are seen as a serious breach of fair trade practices. Cartels not only harm competition but also consumers who may have to bear the brunt of artificially high prices. From a social perspective, it undermines the consumer's trust in the economic system. From a legal standpoint, violations can lead to severe financial penalties and even jail time for executives involved.

In the United States or Europe, similar issues are also dealt with sternly by law enforcement agencies. Antitrust laws in both regions are designed to prevent such anti-competitive practices. There are similar penalties including hefty fines and jail terms, and enforcement bodies like the United States' Federal Trade Commission or the European Union's European Commission closely monitor businesses to ensure fair competition.