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Otsuka Kagu electrifies investors with addition of Yamada Denki president

Market sees move as new parent's commitment to slumping furniture seller

Yamada Denki President Tsuneo Mishima, left, seen with Otsuka Kagu President Kumiko Otsuka at an Otsuka store in February. Mishima will serve as chairman at the furniture seller.

TOKYO -- Otsuka Kagu, Japan's perennially struggling furniture seller, touched a four-month high in the stock market Thursday after nominating a chairman from its new parent company.

Otsuka jumped as much as 27% before closing 13% higher at 194 yen. The intraday trading volume ballooned 30 times over the previous session.

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