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A joint venture between Nomura Securities Co. and the Industrial Bank of Japan announced Monday that it will establish a 401(k)-style pension account management company Wednesday along with 22 other firms.

The new 401(k) management company, called Japan Investor Solutions & Technologies Co., will be capitalized at 6.9 billion yen. All participating firms except for the Nomura-IBJ venture will fork out 300 million yen each, which translates into 6,000 shares each.

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