From Mary Meeker's April 19, 2006 report....\n\n"...the $6.52 per share value stake in Yahoo! Japan (which we calculate to be worth $10B - 34% ownership of a $35B market cap as of 4/18/06, adjusted by a 15% discount to take into account the relative illiquidity of the asset."\n\nThere is a slight mismatch in the timing, but if you take $6.52 / $32.19 (YHOO closing price on 5/4), then we can conlude that 20% of Yahoo's value is derived from their share of Yahoo! Japan.