The government entity regulating Japan's finances shut down theoperations of a money-management company that has misplaced some$2.3 billion in pension fund assets, according to the WallStreet Journal.

Regulators Friday closed Tokyo's AIJ Investment Advisors, whosaid they can't account for a large percentage of the 183 billionyen invested on behalf of companies including manufacturers ofindustrial robots and microchip-testing equipment.

The shut-down has also had significant spillover to the entireJapanese investment industry, as Japan's financial servicesminister announced that the Financial Services Agency will take acloser look at the operations of all 263 of the country'sinvestment management companies.

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