Sumitomo Mitsui Trust's (TYO:8309) board approved a share repurchase program of up to 13 million shares, or 1.8% of shares outstanding, for up to 30 billion yen.
The buyback, aimed at improving capital efficiency, will run from May 15 to Aug. 29, the company said in a Tokyo exchange filing on Wednesday.
The shares will be bought back via market purchases on the Tokyo Stock Exchange.