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Japan's Softbank plans $8.8 billion in capex this fiscal year

Pedestrians walk past a Softbank Corp branch in Tokyo October 15, 2012. REUTERS/Yuriko Nakao
Pedestrians walk past a Softbank Corp branch in Tokyo October 15, 2012. REUTERS/Yuriko Nakao

TOKYO (Reuters) - Japan's Softbank said on Wednesday it plans 700 billion yen ($8.8 billion) if capital expenditure in the year to next March 31.

Softbank, which announced this month it would buy a 70 percent stake in Sprint Nextel Corp, the third-largest U.S. carrier, said it plans capex of 550 billion yen ($6.9 billion) in following year to March 2014.

(Reporting by Mari Saito; Editing by Michael Watson)

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