Nomura and UBS, the investment banks selling ¥515bn (€3.9bn) worth of the Japanese government's stake in Central Japan Railway, operator of the bullet train, have agreed the lowest fee in 10 years of Japanese government privatisations.

The two banks will share 1% commission on the sale, or around ¥5bn, according to Bloomberg, which cites unnamed people involved in the sale. The sale will see the government reduce its stake from 40% to 13%.