Listing for success.

The article focuses on why record numbers of foreign companies are spending lots of money to list on the Tokyo Stock Exchange. To catch the smaller Japanese investor, Japanese institutions tend to buy their U.S. stocks in New York, to avoid Tokyo's high fixed commissions, but individual investors cannot easily do so. Thus individuals account for two-thirds of the trading volume in foreign shares listed on the Tokyo Exchange. For the Japanese investor, foreign stocks have a number of attractions. Not coincidentally, most foreign companies that have listed are aggressively expanding their business in Japan and figure the status of a listing can only help, not only in customer relations but in recruiting as well. Some foreign firms believe their listings will enhance access to Tokyo's capital markets, perhaps meaning lower borrowing costs.