Nasdaq has decided to close Nasdaq Japan, its joint venture with the Osaka Stock Exchange (OSE), just over a week after writing off $20m (€20m) of investments and costs associated with the loss-making exchange.

A special meeting of Nasdaq Japan's board of directors voted on Friday to take the company to cease operations. A statement said: "The board concluded that under current economic circumstances there is not a viable path forward for the company." Nasdaq's part in the struggling business will officially be effective on October 15, 2002.