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The Diet on Friday passed two bills that remove a five-decade ban on the use of financial holding companies.

A plenary session of the House of Councilors approved the bills, which will be enacted next March as part of the government’s “Big Bang” financial reform measures. A financial holding company is the command post of a conglomerate typically consisting of a giant bank, a trust bank, a life insurance firm, a nonlife insurer and a securities firm. Such powerful corporations were banned by the U.S. occupation forces after World War II.

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