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Contributed by mm | August 19, 2005 12:12 PM PST
The price war among discount brokerage firms moved to Japan.
From Wall Street Journal:
Rakuten Inc.'s securities-brokerage unit and E*Trade Securities Co. said separately they will cut their stock-broking commissions in October, bringing the lowest commission rates for Japanese online traders down by nearly 40% this year.
Internet-shopping-mall operator Rakuten said its unit Rakuten Securities Inc. will lower its stock-broking commission for a transaction of 500,000 yen, or about $4,550, or less, to 472 yen in October from the current 525 yen.
E*Trade quickly responded and said it will slash its commissions in October for transactions of that size to the same level, showing that it is sticking to its low-cost strategy of countering any commission cuts by rivals.
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