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The Cabinet decided Friday to appoint a former Nomura Securities Co. executive and a high-profile academic to lead a proposed government-backed entity tasked with restructuring indebted firms and revitalizing industries.

Atsushi Saito, a former vice president at the nation’s biggest brokerage, will assume the presidency of the industrial revival body when it begins operations around May, and Shinjiro Takagi, a professor of law at Dokkyo University who is also known as a leading corporate rehabilitation expert, will head a panel of experts that will judge whether debt-laden firms are salvageable.

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