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Itochu Corp., Mitsubishi UFJ Financial Group Inc. and other companies are investing in Evering, a chip-embedded smart ring that can act as a wallet and a key, people with knowledge of the matter said.

Evering is backed by MTG Co., a listed Japanese health and beauty company. MTG struck a contract with Visa Inc. last year and began selling rings in Japan, which cost about ¥20,000 ($158) apiece, including tax.

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