How to replace each character in string with chracter x?

Hi,
I have large document. Sample of text file is:

This is some <text> I would like to replace.

I would like to replace each character inside <> brackets with character x
Text after replace should be:

This is some <xxxx> I would like to replace.

Is there a way to replace a text with substitute command. I tried the following:
%s/<.\{-}>/x/g
but it obviously doesn't work correctly, because it replaces whole string with only one x.
Thanks

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