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Itochu to overhaul Asian banana farming for bigger yields

Droughts have reduced banana harvests on the Philippine island of Mindanao.

TOKYO -- Japanese general trading house Itochu will spend about 6 billion yen ($57.7 million) through fiscal 2018 to lift Asian production capacity around 60% for bananas in its Dole business by 2020.

The Philippines is a key supplier of the fruit to Japan. The Southeast Asian country accounted for nearly 90% of Japan's banana imports in 2015, according to the Ministry of Finance.

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