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Hitachi to suspend all work on UK nuclear plant

Funding deadlock looks set to sink Japan's last overseas nuclear project

Hitachi's board is expected to suspend all work on new nuclear reactors on the Welsh island of Anglesey, where this Wylfa power station is located. (Getty Images)

TOKYO -- Hitachi plans to put a U.K. nuclear power project on hold as negotiations with the British government over funding hit an impasse, all but closing the book on Tokyo's vision for nuclear infrastructure exports.

The Japanese industrial conglomerate's board is expected to officially decide next week to suspend all work on the plant, including design and preparations for construction. Hitachi will freeze the roughly 300 billion yen ($2.77 billion) in assets held by its British nuclear business and write down their value, likely booking a loss of 200 billion yen to 300 billion yen for the fiscal year ending in March.

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