The Japanese process of decision-making is exemplified by the speculation surrounding the next tranche of shares in Nippon Telegraph & Telephone Corp, which consists of leaks, qualified denials, nods and winks and unfounded rumours: the current state of play is that the issue will be made in October, or it may not; 20 Japanese securities houses will have exclusive underwriting privileges, but then one or two foreign firms may be admitted to the 20 if they show enough interest and there is enough pressure from their governments, or there is seen to be a sufficient quid pro quo in their admission; and the second tranche, like the first, will be open only to Japanese citizens, but individual foreign shareholdings may be allowed this time.
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