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The bank has been accused of being reckless in its valuation of certain asset-backed securities - in some cases offering different prices to different buyers for the same product.
Now, it seems set to be investigated by the Securities and Exchange Surveillance Commission (SESC) - a body separate to Japan's Financial Services Agency (FSA).
While the SESC cannot itself issue penalties for wrongdoing, it is empowered to forward the results of its investigations to the financial regulator - which can then demand fines.
Even if such an investigation finds that the law has not been broken, the FSA can still order banks to "improve operations", Reuters reports.
Commenting on the case, financial services minister Yoshimi Watanae said: "If any bank has been doing a lousy job in pricing, that should not have been allowed."
However, Mr Watanae added that he had no comment to make on the potential Deutsche Bank investigation.
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