Yen for Dollars

Opening a campaign to lure more U.S. dollars into the booming Japanese stock market, Sony Corp., aggressive Japanese electronics manufacturer, last week told SEC that it plans to sell $4,000,000 worth of common stock in the U.S. next month. Besides Sony, 15 other Japanese companies are considering putting securities on sale in the U.S. soon. To cut red tape and long transpacific transactions, Sony will give U.S. investors American depositary receipts instead of stock certificates. These will carry full ownership rights and can be freely traded in the U.S. As an added lure, the Japanese government last week ruled that foreign shareholders in Japanese firms may withdraw all of their capital and profits after two years instead of four.

This file is automatically generated by a robot program, so reader's discretion is required.