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Japanese watchdog orders Japan Post units to suspend insurance sales for 3 months: NHK

[TOKYO] Japan's financial regulator on Friday ordered two units of Japan Post Holdings to suspend new sales of insurance products for three months, after they were found to have improperly sold thousands of policies, public broadcaster NHK reported.

Japan Post Insurance, Japan Post and parent Japan Post Holdings said this month the number of improper sales cases had reached 12,836, of which 670 involved violations of the law or internal rules.

The Financial Services Agency (FSA) also issued a business improvement order to the three companies, NHK reported.

An official at the Financial Services Agency said it had not made any announcement.