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Change the number of days for Office 365 delete retention policy
Found the answer here: http://help.outlook.com/en-us/140/gg271153.aspx#defaulttags
Example Here’s a command to increase the retention age limit for the Delete Items retention tag to 90 days:
Set-RetentionPolicyTag "Deleted Items" -AgeLimitForRetention 90
The article also shows how to set up and manage retention policies in exchange online