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Business

Mitsubishi Heavy to back out of maglev train project

Earnings slump forcing Japanese manufacturer to review business lines

Central Japan Railway has been testing maglev train prototypes in Yamanashi Prefecture.

TOKYO -- Mitsubishi Heavy Industries, one of Japan's leading engineering companies, will withdraw from a 9 trillion yen ($82 billion) prestigious high-speed railway project as it struggles to deal with ballooning developments costs of its other mainstream projects such as a passenger jet.

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