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Softbank sells part of Yahoo Japan
Softbank, a Japanese telecommunications business, will likely sell some of its majority stake in Yahoo Japan to pay off existing debt and build up its high-speed Internet services. This is seen by market insiders as an unfortunate yet necessary move by Softbank, since Yahoo Japan is the nation’s richest Internet company and one of Softbank’s most valuable assets. Softbank hopes that by selling part of its stake, it can invest in developing new broadband technologies, to stay afloat in a market with the current leader Nippon Telegraph and Telephone.