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Nomura exclusion from Japan Post share sale seen as snub

Decision said to be payback for scrapped deal two years earlier

Nomura Securities has played a significant role in the Japan Post Group's recent listings and share offerings.   © Reuters

TOKYO -- In a shocking move, Japan Post Holdings excluded Japan's top brokerage Nomura Securities from the role of lead underwriter of a secondary share sale in its insurance unit earlier this month. The decision, industry insiders say, may stem from a beef over a failed acquisition two years ago.

"It is not a penalty. We made our choices comprehensively based on past results," a spokesperson for Japan Post Insurance and its parent told reporters at a late-night press conference on April 4, the day the share sale was announced.

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