No Mercy opened with a video geared towards hyping the Vince McMahon-Stephanie McMahon match.

The first match of the show saw Yoshihiro Tajiri vs. Rey Mysterio for the Cruiserweight Title.  Tazz and Michael Cole put over that Nidia was still blinded by Tajiri's black mist. Before the match, the referee checked Tajiri's mouth for mist.

They locked up to start, rolled to the floor, then got back in and exchanged shoves and kicks.  They locked up again, and Tajiri hit a forearm on the break.  Rey hit an armdrag and a grabbed leglace.  Tajiri went after Rey's arm and applied an armwringer.  Tajiri hit chops, forearms and elbows against the ropes.  Rey slid under Tajiri, and floated over a back suplex, and dropkicked Tajiri's legs out from under him.  Tajiri went for a handspring, but Rey dropkicked Tajiri in the back, then hit him with a pescado.  Rey tossed Tajiri back in and went to the top rope, but Tajiri yanked him off so his arm would go across the top rope.  Tajiri rammed Mysterio into the ringpost shoulder first, then continued the assault on the arm and shoulder in the ring.  Rey grabbed a springboard armdrag, and flipped out of a powerbomb, but Tajiri kicked him in the arm, then the jaw, and got a two count.  Tajiri went back to the arm, and kicked him in the shoulder for a two count.  Tajiri tossed Rey shoulder first into the turnbuckle, but Rey came back with a kick to the leg, and a double kick to the chest.  Rey went to the top, but Tajiri kicked him as he was climbing up.  Tajiri grabbed an armbar as they both stood on the ropes, but Rey headbutted Tajiri down, then hit a swinging DDT off the top for a two count. Rey kicked at Tajiri's leg and hit a springboard bodypress off the second rope for a two count.  They traded reversals on a sunset flip, the Tajiri went to catapult Rey from the ring, but Rey came back with a bodyscissors to take Tajiri to the floor.  Rey hit a rana off the ring apron to the floor.  Rey springboarded back in the ring, leapfrogging Tajiri, but Tajiri kicked him down.  Rey hit a 619 to Tajiri's ribs, then went for a West Coast Pop, but Tajiri caught it and powerbombed him for two.  Rey slipped out of a powerbomb.  He charged Tajiri and Tajiri tried to toss him overhead, but Rey landed on the top rope and hit a moonsault on a standing Tajiri for two.  Tajiri kicked Rey, and applied the Tarantula.  Tajiri went for a kick to the head, but Rey ducked it and Tajiri went for a sunset flip but Rey rolled through and dropkicked him in the face.  Rey hit the 619 and the West Coast Pop.  The referee was distracted by two "fans" in black suits rushing the ring, who were carried out by security.  Rey was distracted as well, and Tajiri kicked Rey in the head and got the pin to retain the title in twelve minutes.   

I believe the "fans in suits" were Ryan "Keiji" Sakoda and Jimmy Yang.