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Japan Post Holdings Co.’s insurance unit plans to buy back about ¥300 billion ($2.9 billion) of shares from its parent, giving the insurer more freedom to expand its business, according to people with knowledge of the matter.

The holding company, which owns about 64% of Japan Post Insurance Co., will sell some shares to shrink its stake to 50% or less, the people said, asking not to be identified because they’re not authorized to discuss the deal before it’s announced.

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