Nasdaq Japan: Birth Pangs, Or Something Worse?

So far, the ballyhooed new tech exchange looks like a bust

The announcement was the kind of publicity Nasdaq Japan hardly needed. In late September, just three months after mutual fund tracker Morningstar Japan listed on the new market, Morningstar Chairman Yoshitaka Kitao said he was considering a new trading platform. Who could blame him? Since the firm listed with Nasdaq Japan, its stock is off 65%; most days, fewer than 10 shares change hands. If Kitao's company, like Nasdaq Japan itself an offshoot of a U.S. concern, departs, it will be especially awkward. Kitao doubles as a director at Softbank Corp., a half-owner of Nasdaq Japan.

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