Yahoo! Japan, two Japanese brokerages to set up online trading service
TOKYO: Yahoo! Japan has reached an agreement with two Japanese brokerages to add stock trading and other financial services to the popular Internet portal's Web site, the Internet company said Wednesday.
The deal with Nikko Cordial Securities Inc. and E*Trade Securities Co. is expected to be formally signed later this week, and services could be launched in August, Yahoo! Japan said.
Users of the Net portal's Japanese-language Web site would be able to open accounts at the two brokerages and trade stocks online, it said.
The announcement by Yahoo! Japan, which is owned by Tokyo-based broadband company Softbank Corp., follows its move earlier this year to enter the banking sector through a tie up with Japan's Aozora Bank.
It also pressures Net rivals Livedoor Co. and Rakuten Inc., which were early entrants in offering online investment services in Japan.
At the Tokyo Stock Exchange midday Wednesday, Yahoo! Japan's shares had risen 2.28 percent to 224,000 yen (US$2,070; euro1,660). - AP
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