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Japan's Monex slashes US stock purchase fees to 10 cents

Brokerage hopes to spur more transactions among retail investors

Monex will slash fees to attract more retail investors. 

TOKYO -- Japanese online brokerage Monex Group will slash the minimum fee on purchases of U.S. stocks to 10 cents from the current $5 starting Monday and eliminate foreign exchange fees until January, Nikkei has learned.

The changes will put Monex among the lowest-charging brokerages for American shares, even compared to U.S. peers. The $5 floor is common among domestic online rivals like SBI Securities and Rakuten Securities, part of SBI Group and online mall operator Rakuten, respectively.

By taking lower cuts on small-scale deals, the company aims to lift overall fee income by enticing domestic retail investors toward the relatively promising U.S. stock market.

Monex counts among its subsidiaries the U.S. brokerage firm TradeStation Group, which offers a smartphone app tailored to the American stock market and handles trades on 3,401 securities, including listed company shares and exchange-traded funds.

Monex has been pursuing innovation in Japan's financial sector, including through its recent acquisition of Coincheck, a domestic cryptocurrency exchange that made headlines for suffering a massive hacking and theft

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