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Japan to sell $1.5 bln of NTT shares for stimulus funding
March 6, 2014 / 8:11 AM / 4 years ago

Japan to sell $1.5 bln of NTT shares for stimulus funding

TOKYO, March 6 (Reuters) - Japan’s government will sell 26 million shares of Nippon Telegraph and Telephone Corp shares back to the firm for 153 billion yen ($1.5 billion), the finance ministry said on Thursday, as part of its planned funding for a stimulus package approved in December.

NTT, Japan’s largest phone company, said in a separate statement that it would buy back the shares at 5,893 yen each, Thursday’s closing price.

The stimulus package was adopted to help offset the economic impact of a sales tax hike that will take effect in April. ($1 = 102.3300 Japanese Yen) (Reporting by Dominic Lau; Editing by Edmund Klamann)

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