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Japanese savers flock to bonds under rate control

Retail JGB issuance grew 60% in year since BOJ began targeting long rate

TOKYO -- The issuance of Japanese government bonds to retail investors rose sharply in the past year under the Bank of Japan's push to bend long-term interest rates to around zero, an effort that has left hard-pressed savers clinging to even a slim advantage in yield.

Some 4.38 trillion yen ($39.3 billion) worth of JGBs were sold to individuals during the year ending in September, a 60% increase over the preceding 12 months.

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