A Revolutionary In Disguise

Ted Saeki will launch Nasdaq Japan in June. His real plan is to remake the whole financial system

If you want to make a Japanese investor wince these days, just utter one dreaded word: Nasdaq. After all, the gyrations of the U.S.-based, tech-laden exchange in recent weeks have generated plenty of collateral damage to dot-com shares all over Asia, especially in Tokyo. On Apr. 17, Japan's Nikkei 225 average fell 7%, its biggest one-day decline since 1987.

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