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Revamped Japan fund will no longer bail out corporate zombies

Public-private investment vehicle will return to backing innovative businesses

President Masaaki Tanaka discusses Japan Investment Corp.'s launch at a press conference Tuesday. The public-private fund takes over for the Innovation Network Corp. of Japan.

TOKYO -- Japan's newly revamped public-private innovation fund will target growth fields like medicine, artificial intelligence and biotechnology, moving away from its previous focus on big corporate restructuring and bailouts of ailing businesses.

"I have absolutely no intention of prolonging the life of zombie companies," Masaaki Tanaka, president of the Japan Investment Corp., told a news conference, referring to the predecessor's rescues of large companies. "We will be smart about provider money."

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