Tesco abandons Japanese dream

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The significant Japanese aspirations of retail giant Tesco appear to be over.

Reuters reports that the supermarket chain has sold 50 per cent of its business to Japan's second largest retailer Aeon Corp for a nominal sum.

Tesco currently operates 117 stores in the country since paying 32.8bn for the franchise in 2003. They are typically mid-sized and located in out of town areas.

Aeon has over the last five years spent in excess of $775m on a number of retail acquisitions and share purchases.