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The Diet passed a bill Friday to liquidate the money- losing Japan Key Technology Center within two years.

The legislation, which went through the a House of Councilors plenary session, calls for the New Energy and Industrial Technology Development Organization (NEDO) and the Telecommunications Advancement Organization of Japan to take over the operations of the public corporation.

Founded in 1985 to promote the study of key technologies, the center sought to use patent fees to recover its investments in research-oriented companies, but fell short of the mark.

NEDO and TAO will farm out the research to private companies.

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