Rakuten Group denied reports it had resolved to a JPY300 billion ($2.2 billion) share issue to help cover ongoing losses by its mobile business after the stories caused what Reuters placed as the biggest single day loss in its value in the past three years.

The Japanese conglomerate issued a brief statement explaining discussions on various financial strategies are ongoing and no decisions have been reached.

Rakuten noted a share issue is one of the options being evaluated, but shot down Reuters assertion the company’s board could green light the move this week.

“If a decision is reached on a matter that requires disclosure, we will do so in a timely and appropriate fashion”, Rakuten stated.

Rakuten Mobile remains in the red, though an operating loss of JPY102.7 billion in Q1 was down from JPY132.3 billion in the comparable quarter of 2022, on revenue of JPY96.3 billion, up 25.7 per cent.