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Short Take: E*Trade Japan to buy Osawa Securities

Softbank said its joint venture with online trader E*Trade Group will buy a Japanese brokerage house for an undisclosed sum, Bloomberg reported. Softbank's E*Trade Japan agreed to buy Osawa Securities, which has been losing money for the past seven years. With the acquisition, E*Trade gains Osawa's license to trade on the Tokyo Stock Exchange. E*Trade Japan was established in June and hopes to provide online trading starting next year.

Softbank said its joint venture with online trader E*Trade Group will buy a Japanese brokerage house for an undisclosed sum, Bloomberg reported. Softbank's E*Trade Japan agreed to buy Osawa Securities, which has been losing money for the past seven years. With the acquisition, E*Trade gains Osawa's license to trade on the Tokyo Stock Exchange. E*Trade Japan was established in June and hopes to provide online trading starting next year.