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Surge in Scam Victims Feared after Adult Age Lowering in Japan

Surge in Scam Victims Feared after Adult Age Lowering in Japan

   Tokyo, Jan. 8 (Jiji Press)--Japan's lowering of the legal age of adulthood from 20 to 18 in April is feared to result in a spike in the number of young people getting in trouble involving scams, such as multilevel marketing schemes using cryptocurrencies.
   Experts say that 18- and 19-year-olds who have been protected as minors may become new targets for scammers, and call for legislation to annul contracts that take advantage of young people's lack of judgment and financial knowledge.
   In November 2021, Tokyo's Metropolitan Police Department arrested seven people linked to a self-purported investment group over violating the Financial Instruments and Exchange Act, after they allegedly gathered some 65 billion yen in cryptocurrency assets by promising high returns.
   The suspects boasted in recruitment videos that people can become billionaires from their 20s by cryptocurrency investment, advertising high earnings from a young age.
   Around 70 pct of consultations regarding the scheme to the National Consumer Affairs Center of Japan were from people aged between 10 and 29.

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AFP-JIJI PRESS NEWS JOURNAL


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