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UK supermarket firm Tesco to leave Japanese market

  • UK supermarket group Tesco has announced it is to exit the Japanese market.

    The firm will leave Japan in a two stage process that will first see it sell 50 percent of its Tesco Japan subsidiary to the country's second-largest retail group, Aeon.

    Tesco will then invest $62.67 million in the joint venture before its exit from the business.

    No deadline for when this will happen has yet been announced.

    The group entered Japan in 2003.