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Banks irked by BOJ's activist policy

TOKYO -- Bank of Tokyo-Mitsubishi UFJ's decision to drop out as a primary dealer of Japanese government bonds reflects growing frustration among private-sector institutions hit hard by negative interest rates.

"It will become difficult to fulfill all of our bidding duties as a primary dealer" BTMU President Takashi Oyamada has said. The core banking unit of Mitsubishi UFJ Financial Group is taking a stand against having to bid on negative yielding debt, fueling debates over the merits of the Bank of Japan's policies.

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