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Fujita Health University, which runs one of Japan's biggesthospitals, lost $240 million on currency derivatives. NanzanUniversity in Nagoya said this year it had lost over $230million. Both schools took their losses from derivatives thatwere sold to them in the unsupervised, over-the-counter market.In many other cases, the losses have been driven by a productcalled a "power-reverse dual currency bond," a derivativemarketed heavily to non-profit investors in Japan.
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