Japanese social gaming giant GREE (TYO:3632) and Yahoo Japan (TYO:4689) are announcing  today that they will establish a joint venture for development of social games for smartphones. The initiative is tentatively called GxYz 
With 200 million yen (about $2.16 million) in capital dedicated to the venture, this solidifies a partnership that was first announced back in November of 2012. Yahoo Japan is the most popular web portal in Japan, and GREE is looking to tap into that audience, funneling traffic from the smartphone version of the site to social games on GREE. The gaming company also hopes that those users can use Yahoo Wallet to pay for content on GREE.
GREE and Yahoo Japan announced back in December that they would be co-sponsoring the Tokyo 2020 Olympic bid.