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Japan-Update

Stock rally buoys retail-oriented Japanese brokerages in first half

Fixed-income specialists hamstrung by low rates

TOKYO -- Japanese brokerages with strong retail operations performed well in the April-September half as domestic and U.S. equities soared while those tilted toward fixed-income trading struggled amid historically low interest rates.

Of the 21 brokerages that had reported earnings by Monday, 12 either logged higher net profit or returned to the black for the interim half.

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