We argue that the gauge theory dual to the Type IIB string theory in ten-dimensional pp-wave background can be thought to `live' on an {\it Euclidean} subspace spanning four of the eight transverse coordinates. We then show that light-cone time evolution of the string is identifiable as the RG flow of the gauge theory -- a relation facilitating `holography' of the pp-wave background. The `holography' reorganizes the dual gauge theory into theories defined over Hilbert subspaces of fixed R-charge. The reorganization breaks the SO(4,2)$\times$SO(6) symmetry to a maximal subgroup SO(4)$\times$ SO(4) spontaneously. We argue that the low-energy string modes may be regarded as Goldstone modes resulting from such symmetry breaking pattern.

LateX 24 pages; v2 : new subsection added about relation to usual Yang-Mills, references added