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An activist fund manager is shining a spotlight on a long-established Japanese business practice: senior officials from the country’s establishment landing plush post-retirement jobs in the private sector.

Tsuyoshi Maruki, the founder of Strategic Capital Inc., is taking aim at Japan Securities Finance Co., a Tokyo-based provider of loans and securities lending services. JSF has a long history of appointing former Bank of Japan officials to top management positions, he said.

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