This paper considers the rapidly developing fixed-mobile convergence (FMC) service as a
two-sided market and analyzes the price structure à la Bertrand-Nash based on revealed
preference data. The price structure is calculated such that the price-cost margin is higher for
NTT's relatively advantageous fixed-line Internet service and lower for NTT's relatively
disadvantageous mobile phone service, both of which have the largest market shares in
their respective markets.