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Japan Inc. taps superlong debt for unintended purposes

TOKYO -- Newcomers in Japan's superlong corporate debt market are using the money raised for such purposes as share buybacks, much to the chagrin of the Bank of Japan, which had hoped that its negative-rate policy would spur capital investment.

In the bond industry, instruments with 10-year maturities are called long term, and everything longer is considered ultralong term. Mitsubishi Estate in late June floated bonds that are repaid in 40 years, a span that may require a new word to describe.

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