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                                                                     EXHIBIT 1.4

[Translation]


                 REGULATIONS OF THE BOARD OF CORPORATE AUDITORS

                               CRAYFISH CO., LTD.
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                 REGULATIONS OF THE BOARD OF CORPORATE AUDITORS

Article 1. (Purpose)

         These Regulations set forth the matters with respect to the Board of
Corporate Auditors in accordance with the laws and regulations and the Articles
of Incorporations.

Article 2. (Composition)

         The Board of Corporate Auditors shall be composed of all the Corporate
Auditors.

Article 3. (Purpose of Meetings)

         The Board of Corporate Auditors shall receive the reports, discuss and
resolve about the important matters of audit. The Board of Corporate Auditors,
however, may not prevent the Corporate Auditors from exercising their right.

Article 4. (Meetings to be Held)

         A meeting of the Board of Corporate Auditors shall be held
periodically. An extraordinary meeting of the Board of Corporate Auditors,
however, shall be convened from time to time whenever necessary.

Article 5. (Person Entitled to Convene Meetings)

         Any Corporate Auditors may convene a meeting of the Board of Corporate
Auditors. The chairman to conduct the meeting of the Board of Corporate Auditors
shall be the person who convenes such meetings as prescribed in the preceding
paragraph.

Article 6. (Notice of Convocation)

         Notice of convocation of a meeting of the Board of Corporate Auditors
shall be dispatched to each Corporate Auditor at least one (1) week prior to the
date of the meeting. If the unanimous consent of all the Corporate Auditors is
obtained, the meeting of the Board of Corporate Auditors may be held without
following the procedures for convening meetings.

Article 7. (Method of Resolution)

         Resolutions of a meeting of the Board of Corporate Auditors shall mean
to determine the matters that require the agreement of the Corporate Auditors.
Resolutions of a meeting of the Board of Corporate Auditors, except for
resolution of the discharge of Independent Auditors mentioned in Section 2 of
Article 13, shall be adopted by a majority vote of all the Corporate Auditors.
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Article 8. (Resolution of the Auditing Principles and Others)

1.       Auditing principles, such as audit schedule, audit procedures, business
         in charge for audit and budgeting of audit expenses, shall be
         determined by resolution of the Board of the Corporate Auditors after
         deliberation at a meeting of the Board of Corporate Auditors at the
         beginning of their audit.

2.       In addition to the matters set out in the preceding paragraph, the
         Corporate Auditors may resolve any other matters that are deemed to be
         necessary to perform the responsibility of the Corporate Auditors.

Article 9. (Report to the Board of Corporate Auditors by Corporate Auditors)

1.       The Corporate Auditors are expected to make reports of the state of
         their execution of audit from time to time to the Board of Corporate
         Auditors and shall report when the Board of Corporate Auditors requests
         it.

2.       Any Corporate Auditor who has been reported by the Independent
         Auditors, the Directors and any other persons shall report thereof to
         the Board of Corporate Auditors.

Article 10. (Report from Independent Auditors and Directors)

         The Corporate Auditors may be reported by the Independent Auditors, the
Directors and any other persons at a meeting of the Board of Corporate Auditors
when necessary.

Article 11. (Measures to be held for Special Report)

1.       The Board of Corporate Auditors shall deliberate on the necessary of
         investigation in the case that any report was made by any of the
         Directors to the effect that material damages to the Company was found.

2.       The measures set out in the preceding paragraph shall also be taken in
         the case that any report was made by any of the Independent Auditors to
         the effect that any misconduct by a Director with respect to his
         business or any other material facts which shall contravene the
         provisions of laws, regulations and the Articles of Incorporation of
         the Company was found.

Article 12. (Preparation of Audit Report)

1.       The Board of Corporate Auditors shall receive the financial statements
         and other related documents of the Company from the Directors and audit
         report of Independent Auditors and other related documents from the
         Independent Auditors. The Board of Corporate Auditors may determine
         that the person who receives such documents shall be a standing
         Corporate Auditor.
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2.       The Board of Corporate Auditors shall prepare the audit report of the
         Corporate Auditors after hearing reports from each Corporate Auditor on
         the matter to be described on such report after deliberation.

3.       In the case that there is any different opinion of any Corporate
         Auditor, such opinion shall be indicated in the audit report of the
         Corporate Auditors.

4.       Each Corporate Auditor shall sign and affix his/her seal on the audit
         report of the Corporate Auditors. Any standing Corporate Auditor shall
         indicate such title thereon.

Article 13. (Resolution on Appointment, non-Reappointment and Discharge of the
             Independent Auditors)

1.       The following matters relating to appointment, non-Reappointment or
         discharge of the Independent Auditors shall be determined by resolution
         of the Board of Corporate Auditors:

         1)       to consent to the matters for resolution to be submitted to a
                  general meeting of the shareholders concerning appointment,
                  non-reappointment or discharge of the Independent Auditors;

         2)       to request the matters concerning appointment,
                  non-reappointment or discharge of the Independent Auditors to
                  be the matters for resolution to be submitted to a general
                  meeting of the shareholders;

         3)       to request any other matters for resolution to be submitted to
                  a general meeting of the shareholders at which the appointment
                  of Independent Auditors is to be resolved; and

         4)       to appoint any person to temporarily assume the duty of the
                  Independent Auditors in case of lack of such Independent
                  Auditors.

2.       In the case that the Board of Corporate Auditors determines to
         discharge the Independent Auditors pursuant to any provisions of laws
         and regulations, unanimous resolutions of the Board of Corporate
         Auditors shall be required. In such case, a Corporate Auditor appointed
         by the Board of Corporate Auditors shall report on and explain the
         reason for such discharge at the general meeting of the shareholders to
         be held for the first time after such discharge.

Article 14. (Deliberation on Execution of Duty of Corporate Auditors)
         The Corporate Auditors may deliberate at the meeting of the Board of
Corporate Auditors before exercise of right and execution of duties with respect
to the following matters:

         1)       any explanation in the case that any question in writing was
                  made to the Corporate Auditors by any shareholder prior to the
                  meeting of the shareholders;
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         2)       any report to the Board of Directors and request of
                  convocation of a meeting of the Board of Directors and any
                  matters related thereto;

         3)       any report of their opinion with respect to the matters for
                  resolution or the documents to be submitted to the general
                  meeting of the shareholders;

         4)       any request for injunction of the illegal act of the
                  Directors;

         5)       any statement at a general meeting of the shareholders with
                  respect to the appointment, discharge and remuneration of the
                  Corporate Auditors;

         6)       any matter concerning the proceedings between the Company and
                  a Director; and

         7)       any other important matters including filing of lawsuits.

Article 15. (Deliberation on Mutual Election of Full-time Corporate Auditors and
             Remuneration of Corporate Auditors)

         The deliberation of mutual election of any full-time Corporate Auditor
and of remuneration of Corporate Auditors may be made at a meeting of the Board
of Corporate Auditors when all the Corporate Auditors agree to hold such
deliberation.

Article 16. (Minutes)

1.       The substance and results of the proceedings of a meeting of the Board
         of Corporate Auditors shall be recorded in minutes, to which the
         Corporate Auditors present shall affix their respective names and
         seals. The provisions for handling of the minutes of the meeting of the
         Board of Directors shall be applied, mutatis mutandis, to the minutes
         of the meetings of the Board of Corporate Auditors.

2.       The Company shall keep the minutes set out in the preceding paragraph
         at the head office of the Company for ten (10) years.

Article 17. (Administration Office)

         The administration of the Board of Corporate Auditors including
convocation and preparing the minutes of a meeting of the Board of Corporate
Auditors and any other operational matters relating thereto may be handled by
the staffs appointed by Corporate Auditors.

Article 18. (Amendments and Abolishment to these Regulations)

         Any amendment to these Regulations shall be made by the Board of
Corporate Auditors.


(Supplemental Provisions)

         These Regulations shall be effective from November 5, 1999.
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         Amended as of February 10, 2000.

         Amended as of July 29, 2001.