It looks like Softbank was actually up the 5000 yen in the morning session before falling back a little to 82,700 yen. We appear to be headed towards around $800 US in Tokyo. There was a little more comment on the Nasdaq-Osaka venture posted at Nikkei Net (I'm betting that Nasdaq Japan will eventually become the dominent market for internet and high tech stocks):
Saturday, December 25, 1999
Nasdaq Japan To Fuel Rivalry Of Top Japan Bourses
TOKYO (Nikkei)--The Tokyo Stock Exchange and the Osaka Securities Exchange are expected to compete more fiercely than ever for promising start-ups following the OSE's decision to team with Nasdaq Japan Planning Co. to launch a market for emerging companies next June.
The new market, dubbed Nasdaq Japan, is expected to integrate its operations in 2001 with the U.S. Nasdaq and the Nasdaq-Europe market to be created in London. The OSE "will become a 24-hour global market," said Softbank Corp. (9984) President Masayoshi Son at a news conference on Friday.
The OSE and Nasdaq Japan Planning announced on the same day their plans to jointly create Nasdaq Japan, which will initially use the OSE's existing systems.
The TSE, the OSE's archrival and Japan's largest bourse, launched Mothers, its own market for fast-growing start-ups, in November.
Nasdaq Japan will let start-ups list their shares more quickly than its U.S. counterpart, Son said. Its listing and disclosure standards are expected to be similar to those of the U.S. Nasdaq.
By placing orders to the OSE through brokerage firms, investors will be able to trade shares of U.S. Nasdaq firms in yen, according to sources familiar with the Nasdaq Japan project.
Nasdaq Japan Planning is equally owned by Softbank and the National Association of Securities Dealers, parent of the U.S. Nasdaq.
(The Nihon Keizai Shimbun Saturday morning edition)
Copyright 1999 Nihon Keizai Shimbun, Inc., all rights reserved. |
