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Daiwa Securities to repurchase up to 55 million shares

Daiwa Securities Group Inc. plans to repurchase up to 55 million own shares for up to ¥40 billion.

The company said the share buyback program is aimed at improving its capital efficiency. The buyback period runs from Aug. 22 to March 22, 2019.

The shares to be repurchased represent 3.40% of the company's total shares outstanding, excluding treasury stock.

As of July 27, US$1 was equivalent to ¥111.02.