Japan’s most popular social networking site Mixi has just listed on the Tokyo stock exchange.

Its founder Kenji Kasahara owns 64 per cent of the stock. The company is currently valued at $1.6 billion dollars. It makes NewsCorp seem like they picked up MySpace for a bargain at $580 million.

Kasahara saw how popular MySpace was in the US, and decided to create a Japanese version.

Currently there is no real equivalent of YouTube in Japan, which is a space just waiting to be filled.