At 69 trillion yen -- that translates to $590 billion -- the Japanese mutual fund market is a pale shadow of its counterpart in the Umited States. Still, assets in Japanese funds did grow by 25 percent last year, reports Yuka Hayashi for the WSJ Fund Track column. She adds that the growth has caught the attention of non-Japanese banks and wealth managers. HSBC, which is building a retail branch network, and following in the footsteps of Citigroup and UBS. 

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