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Japanese credit card transactions will accelerate this year as rising stock prices boost consumer confidence and spending, according to Sumitomo Mitsui Financial Group Inc.’s card unit.

“Luxury items are selling well,” Hideo Shimada, president of Sumitomo Mitsui Card Co., said in Tokyo this month. “High stock prices push the rich to buy things, and that’s boosted consumer spending all over Japan,” said Shimada, who is also chairman of the Japan Credit Card Association.

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