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Business trends

Stock buybacks take off in Japan at record pace

Sony announces first repurchase to bolster sagging shares

Sony announced a stock buyback of up to 100 billion yen on Feb. 8, one of several Japanese companies to do so.

TOKYO -- Japanese businesses are buying up their own shares at a record pace in an apparent attempt to send a message to investors that their stocks are valued lower than they should be based on fundamentals.

Sony joined the trend Friday with its first-ever buyback, announcing that it will repurchase up to 100 billion yen ($910 million) of its shares as a way of "rewarding" its shareholders.

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