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In Japan, where bonds can yield less than zero percent, a bullet train operator planning a ¥392 billion ($3.8 billion) share sale is promising investors dividend returns that would beat most of the nation’s stocks.

State-owned Kyushu Railway Co., also known as JR Kyushu, which is currently gauging investor appetite for what could be the world’s second-biggest initial public offering this year, has an annualized dividend yield of 3.06 percent. That compares with 2.09 percent for the benchmark Topix index, which has declined about 13 percent this year.

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