Softbank floats plan for $6.2B venture to build Japan fiber network to replace phone lines

Mobile carrier Softbank has floated a plan to build fiber optic cables throughout Japan to replace existing phone lines in a 500 billion yen ($6.2 billion) joint venture. The plan calls for the involvement of the government and Softbank's two bigger rivals Nippon Telegraph and Telephone Corp. and KDDI Corp., CEO Masayoshi Son said. Son said he submitted the proposal dubbed the "new broadband super highway" to the government this week for consideration.