Japan's Mitsui & Co. doubles share buyback plan to $2.8bn

Trading house boosts shareholder returns while also eyeing new investments

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Mitsui & Co. plans to cancel the shares it buys back, boosting shareholder returns. (Photo by Keigo Yoshida)

TSUKASA MORIKUNI, Nikkei staff writer

TOKYO -- Mitsui & Co. will double its ongoing share buyback program to up to 400 billion yen ($2.8 billion), the company said Wednesday, its largest on record.

The Japanese trading house said it made a flexible decision in light of changes in the share price. The stock is down roughly 30% from its record of 4,182.50 yen, marked in late May.

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