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To: Yamakita who wrote (5292)	6/19/2000 7:12:00 PM
From: Yamakita	Read Replies (1) \| Respond to of 6018

Nasdaq Japan enjoys successful opening Yomiuri Shimbun OSAKA -- Nasdaq Japan, a new stock market housed in the Osaka Securities Exchange, enjoyed a successful opening Monday, with five out of eight new stocks being traded for more than their initial public offering prices. Nasdaq Japan is the Japanese version of the U.S. Nasdaq venture stock market, on which shares of high technology companies are traded. The stocks of eight companies--including Tokyo-based Xnet Corp, a computer systems provider, and Sugi Pharmacy Co., a drugstore chain based in Anjo, Aichi Prefecture--were traded on the opening day of Nasdaq Japan. Many other start-up firms in the nation aim to become Nasdaq-listed in the near future. There was generally more buying than selling on the first day of trading, making it a good start for the new market. Individual investors started buying immediately after trading started at 9 a.m., likely in reaction to the opening of the new market. The initial price for Xnet shares was 6 million yen, half a million yen higher than the IPO price of 5.5 million yen. Shares of four other companies also traded for more than their IPO prices at the beginning of the day. The U.S. Nasdaq market, which lists many powerful high technology companies, is one of the leading stock markets in the world. Companies listed or hoping to list with Nasdaq Japan aim to take advantage of the prestige Nasdaq-listed firms enjoy, which is likely to assist such ventures in their bid to become major firms. Following the initial eight companies, Nasdaq Japan is expected to list about 10 additional companies every month. Nasdaq Japan hopes to have 500 companies on its list within three years. Nasdaq also plans to open a market in Europe, in addition to its markets in the United States and Japan, and is giving serious consideration to the concept of 24-hour trading, which would connect the three markets.