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Japan to bulk up 40-year bond issuance

TOKYO -- Japan looks to float 400 billion yen ($3.92 billion) more in 40-year bonds this fiscal year than planned earlier, aiming to lock in low financing costs for the long haul.

The Ministry of Finance will propose the change at a meeting Thursday and Friday with market players such as securities companies. Under the proposal, issuance of 40-year Japanese government bonds in the year ending next March would increase to 2.8 trillion yen from the original target of 2.4 trillion yen. Plans to issue 2 trillion yen in inflation-linked bonds would be trimmed by 400 billion yen to keep total JGB issuance for fiscal 2016 at the target amount of 147 trillion yen.

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