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The head of the Japan Business Federation is pleased the U.N. climate conference avoided meltdown by “taking note” of an accord brokered by the United States and key emerging economies.

“As a result of discussions by leaders from more than 100 countries, a certain direction was set out,” Fujio Mitarai, chairman of the nation’s biggest business lobby also known as Nippon Keidanren, said in a statement.

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