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Japan's regional banks team up in asset management

TOKYO -- Seven Japanese regional banks are set to collectively manage their assets through a new company, opening up broader investment opportunities as negative interest rates at the central bank make traditional bond-based strategies untenable.

     Yamaguchi Financial Group, Nishi-Nippon City Bank, Hiroshima Bank, Juroku Bank, San-in Godo Bank, Akita Bank and Yamagata Bank will each contribute 100 million yen ($900,000) to establish the asset management company. The Development Bank of Japan and Tokai Tokyo Financial Holdings will invest in the project. Other banks will also be called on to join. Operations are slated to begin in April.

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