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Japan's Yamato Life collapses
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Yamato Life Insurance Co. on Friday filed with the Tokyo District Court for bankruptcy protection due to losses related to the U.S. subprime crisis, Kyodo News reported.

The Tokyo-based insurer has thus become the first Japanese financial institution to collapse amid the global financial turbulence characterized by major stock market crashes worldwide.

(Xinhua News Agency October 10, 2008)
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