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Japan to let banks and securities companies share customer data

Financial watchdog wants to remove 'firewall' amid fierce global competition

Japan's financial regulator hopes the move will allow the country's financial institutions to compete more effectively with those in the U.S. and Europe.   © Reuters

TOKYO -- Japan's Financial Services Agency intends to lift the ban on sharing customer information between banks and securities companies within the same group, Nikkei has learned.

The watchdog has shown financial institutions a plan which would effectively remove the regulations that have separated the operations of banks and securities companies for 30 years.

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