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Mercari Inc., the online flea-market operator that has become one of Japan’s most closely watched tech ventures, is closing in on new highs as the stock has drawn both big and small money.

The company has already grown to command the largest weighting on the startup-focused Mothers index as individual investors buy in — of some 230 of the largest Japanese companies with market value of over $5 billion, Mercari has the third-highest percentage of individual shareholders. Then on Oct. 7, Los Angeles-based money manager Capital Group declared it had taken a 5% stake in Mercari.

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