The story, which Japan's Kyodo News Agency ran over the weekend, has AOL and trading firm Mitsui and Company joining forces to offer Japanese-language Internet services. AOL shares jumped 5-1/4 to close today at 67-7/8 on the Nasdaq index.
The report stated that the company expects to have more than 1 million subscriptions in Japan over the next two years. In comparison, the Japanese online companies NIFTY and PC-VAN each have around 1.5 million subscribers, according to Kyodo. AOL has 5 million subscribers in the United States.
Neither AOL nor Mitsui officials were available for comment on the report.