and infrastructure for Yahoo BB's operations. Although Yahoo BB has reported substantial profits from its operations, Softbank has continued to report Telecom Reform in Other Countries very large losses in its Broadband Infrastructure Division. 28 In the most recent fiscal year, ending March 31, 2004, it reported an operating loss of ¥87.2 billion on sales of ¥128.9 billion. Given an average of 3.3 million subscribers in the fiscal year and exchange rate of ¥110 to the U.S. dollar, Softbank realized $355 per year in revenues per subscriber, but it lost $240 per subscriber before interest and taxes. 29 These losses follow an even larger loss of $96 billion in fiscal year 2003. 30 Softbank's objective is to build a very large customer base to which it can sell a variety of entertainment and information services, as well as voice over Internet protocol (VoIP). It has been extremely successful in selling VoIP to its subscribers, with 4.04 million of its 4.28 million DSL sub- scribers accepting the service. 31 Whether its strategy of building market share and eventually selling enough content to offset its huge start-up losses can succeed, no one can know at this time, but there is surely reason to fear that it is following even more aggressively in the steps of the U.S. trio that went bankrupt in 2000-01: Northpoint, Rhythms, and Covad. The only countries with a substantial number of DSL lines supplied by new entrants are Korea and Japan. Since Korea did not have a mandatory unbundling policy until recently, only Japan offers evidence that new en- trants using unbundled loops are contributing significantly to the diffusion of broadband Internet access services. Whether this "success" can be sus- tained in light of Softbank's enormous losses remains to be seen. The network unbundling policy has not been used extensively for new entry into narrowband voice services in Japan until recently. In 2004, how- ever, Softbank purchased Japan Telecom, a carrier that provides telecom services principally to larger corporate subs