Yahoo Japan to sell FX unit to industry leader GMO for $265 mil.

Economy

Yahoo Japan Corp. said Tuesday it will sell a subsidiary that offers foreign exchange margin trading services to industry leader GMO Financial Holdings Inc. for 28.8 billion yen ($265 million), ending its involvement in the highly competitive space. Yahoo Japan is expected to complete the sale of all its shares in YJFX Inc. in September. YJFX will be renamed Gaika ex byGMO Inc., according to GMO, an industry leader by volume in retail foreign exchange margin trading. Internet and e-commerce giant Yahoo Japan, a wholly-owned subsidiary of Z Holdings Corp., plans to focus its resources on growth...

Kyodo News

Kyodo News