Yahoo Japan Corp. said Tuesday it will sell a subsidiary that offers foreign exchange margin trading services to industry leader GMO Financial Holdings Inc. for 28.8 billion yen ($265 million), ending its involvement in the highly competitive space.
Yahoo Japan is expected to complete the sale of all its shares in YJFX Inc. in September. YJFX will be renamed Gaika ex byGMO Inc., according to GMO, an industry leader by volume in retail foreign exchange margin trading.
Internet and e-commerce giant Yahoo Japan, a wholly-owned subsidiary of Z Holdings Corp., plans to focus its resources on growth areas such as the PayPay smartphone cashless payment service.
Competition has been heating up among providers of retail foreign exchange margin trading with fees being slashed as they attempt to woo customers.
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