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TOKYO (AP) - Japan is preparing to pass a bill this month to tighten checks on investment funds following an arrest of a star fund manager who made his fame as a proponent of U.S.-style shareholder rights.
The arrest Monday of Yoshiaki Murakami, head of investment fund MAC Asset Management, on charges of insider trading has stunned Japan. It is also serving as a wake-up call for stricter oversight on investing at a time when global investors are flocking to the stock market here, analysts and politicians say.
Up to now, investment funds didn't even need to register with the government watchdog Financial Services Agency.
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