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Innovation Network Corp. of Japan plans to reject Sharp Corp.’s request for an investment because of concern it would face opposition from Apple Inc. and antitrust regulators, according to a person familiar with the matter.

The state-backed fund already supports Japan Display Inc., which competes with Sharp to supply Apple and others, and that may trigger opposition, the person said, asking not to be identified because the talks are private. Sharp wanted INCJ to invest in the potential spinoff of its liquid-crystal display unit, a separate person familiar with the matter said in April.

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