Japan Tobacco Inc. said March 8 that it bought back 9,348,900 shares of the company's common stock for a total repurchase price of ¥26.32 billion.

The Tokyo-based cigarette company repurchased the shares from Feb. 8 to Feb. 28. The transaction is the first tranche of its program to buy back up to 23 million shares worth ¥50 billion.

Japan Tobacco has until April 22 to repurchase the remaining shares under the buyback program announced Feb. 7.

As of March 7, US$1 was equivalent to ¥111.63.