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Not all M&A are equal in Tokyo market's eyes

Investors showing preference for deals that consolidate over ones that diversify

TOKYO -- The Japanese stock market is rewarding companies that make deals to grow within their industries while giving short shrift to those trying to diversify beyond their specialties.

Industrial fastener maker Nifco rose as much as 2% Monday in a session when the Nikkei Stock Average barely budged as investors waited for Wednesday's U.S. Federal Open Market Committee meeting.

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