Three U.S. Investment Banks Get Japanese Banking License
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The Japanese Ministry of Finance has just awarded banking licenses to three American investment banks who have long sought to trade foreign exchange in Tokyo. Although Salomon Brothers, Morgan Stanley, and Goldman Sachs officials have confirmed their receipt of the licenses, they are reluctant to discuss their plans until they receive actual foreign exchange licenses--which they are still awaiting from Japanese authorities.
A spokeswoman for Salomon in Tokyo suggested that the second license
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