Japan Puts Foreign Arbs On Its Endangered List

Since Japanese stocks went into their historic nosedive in 1990, Mitsuo Sato, deputy president of the Tokyo Stock Exchange, has nowhere to hide--even at home. Angry investors, he says, keep his phone ringing off the hook. They have a beef, and not with the big domestic brokerage firms that dominate Japanese equities. It's those blasted foreign index arbitrageurs.

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