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Japan’s financial watchdog said Thursday it has ordered a unit of Nomura Securities Co., the country’s largest brokerage, to suspend part of its operations for two months from Jan. 9 as punishment for trading securities on behalf of foreign clients without contracts.

Operations subject to the two-month suspension at Nomura Asset Management Co. include deals with foreign clients, but the company will still be allowed to do business with domestic clients, the Financial Services Agency said.

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