Japanese toaster company Balmuda's stock crashes after launching smartphone

Japan's high-end toaster company Balmuda's stock has crashed after it entered the smartphone market with its 'Balmuda Phone', which received a poor response. Balmuda's shares fell as much as 10% in Tuesday trading, a day after Balmuda said it paused smartphone sales due to an unidentified issue regarding compliance. The 'Balmuda Phone' is more expensive than the iPhone 13 mini.