(IV-1) Financial and Capital Marketsin Japan
(IV-2) Volume of BondTransactions
| End-FY1998 (Unit : trillion Yen) |
Total | |||||||||
Government Bonds | TB and FB | Corporate Bonds | Others | ||||||
Share | Share | Share | Share | ||||||
FY 1988 | 42,794,346 | 29,102,081 | 68.0% | 11,069,374 | 25.9% | 1,427,582 | 3.3% | 1,195,309 | 2.8% |
FY 1993 | 32,859,625 | 11,529,137 | 35.1% | 19,487,675 | 59.3% | 557,962 | 1.7% | 1,284,850 | 3.9% |
FY 1994 | 36,792,951 | 9,937,772 | 27.0% | 25,346,283 | 68.9% | 407,058 | 1.1% | 1,101,838 | 3.0% |
FY 1995 | 39,892,569 | 11,607,549 | 29.1% | 26,245,050 | 65.8% | 635,220 | 1.6% | 1,404,749 | 3.5% |
FY 1996 | 31,904,357 | 11,196,291 | 35.1% | 18,834,164 | 59.0% | 539,667 | 1.7% | 1,334,236 | 4.2% |
FY 1997 | 32,380,811 | 12,058,813 | 37.2% | 18,804,474 | 58.1% | 454,586 | 1.4% | 1,062,939 | 3.3% |
| (Note) | "Total" refers to the sum of total trading volume on 8 domestic stock exchanges and trading volume of over-the-counter transactions in Tokyo. Trading volume of over-the-counter represents the total of sales and purchases, and includes "Gensaki" trading volume. |
| (Source) | Japan Securities Dealers Association, "Bond Review" |
<Reference> Value of Stock Transaction
| (Unit: 100 million yen) |
FY 1988 | 5,826,874 |
FY 1993 | 1,823,033 |
FY 1994 | 2,380,023 |
FY 1995 | 2,101,585 |
FY 1996 | 2,765,206 |
FY 1997 | 3,120,067 |
| (Note) | Total of 8 domestic stock exchanges turnover (Sales and purchases are double-counted.) |
| (Source) | Tokyo Stock Exchange, "Annual Securities Statistics" |
(IV-3) Size of Short-term MoneyMarkets (End-1997)
(Unit : billion U.S. dollar) |
Japan | Call loans | 302.5 |
Total | 948.5 | |
Ratio of total to GDP | 24.3 | |
United Kingdom | Money at call | - |
Total | 474.9 | |
Ratio of total to GDP | 36.5 | |
Germany | Call loans | 354.7 |
Total | 378.7 | |
Ratio of total to GDP | 18.6 | |
France | CD | 101.6 |
Total | 336.6 | |
Ratio of total to GDP | 24.8 | |
United States | Federal funds and RPs | 814.3 |
Total | 3233.6 | |
Ratio of total to GDP | 40.0 |
| (Note) | "BISF" is securities issued by special financial institutions, financial companies and securities companies. |
| (Source) | Bank of Japan, |
| |
| Board of Governors of the Federal Reserve System, |
(IV-4) Share of Bonds held byNon-residents in Selected Countries
Japan | United States | United | Germany | France | ||
Bonds | Treasury | Corporate | Government | Bonds | Bonds | |
Share | 3.5% | 30.0% | 14.6% | 19.8% | 23.0% | 15.5% |
| (Note 1) | Sum of domestic private bonds (including ABS) and Yankee Bonds. |
| (Note 2) | Data at the end of 1996 are provided except for France, for which the datum at the end of 1995 is provided. |
(IV-5) Yen-Denominated BA Market
- Yen-denominated BA market was established in June 1985.
- Amounts Outstanding in the yen-denominated BA market
(Unit : 100 million yen) |
| End-Jun.1985 | End-Mar.1986 | End-Mar.1987 | End-Sep.1989 | End-Mar.1990 |
587 | 366 | 158 | 9 | 0 |
- Others
(1) Bankers acceptance commission
There is no regulation.
(2) Eligibility for rediscount by the Bank of Japan (BOJ)
Though BAs are eligible collaterals for the BOJ loans, and are eligible securities for the BOJs buying operation, BAs whose original bills are issued by non-residents are not eligible for rediscount by the BOJ.
(3) Stamp duty
Though, at the beginning, the classified fixed stamp duties were imposed on a part of BAs, they were reduced to 200 yen uniformly.
<Reference> Amounts outstanding in the U.S. dollar-denominated BA market
(Unit : 10 billion dollar,%) |
End- | End- | End- | End- | End- | End- | |
Amounts outstanding in the U.S. dollar- | 3.8 | 3.2 | 3.0 | 2.9 | 2.6 | 2.6 |
Amounts outstanding in short-term | 206 | 217 | 232 | 260 | 287 | 323 |
Share (A/B) | 1.8 | 1.5 | 1.3 | 1.1 | 0.9 | 0.8 |
| (Source) | Bank of Japan, Comparative Economic and Financial Statistics, Japan and Other Major Countries, 1998 Board of Governors of the Federal Reserve System, Federal Reserve Bulletin, March 1999 |
(VI-6) Settlement Systems in Japan
Settlement Systems(Operator) | Amounts settled in the systems (average per day <1997>) | Present Status of Settlement Systems | Notes | |||
Settlement Period | DVP | |||||
Funds | ||||||
Funds transfer via financial institutions' current accounts held at the Bank of Japan | BOJ-NET (Funds Transfer System) (Bank of Japan) | 169.4 trillion yen | -- | -- | RTGS (in principle, Abolition of Designated Time Net Settlement ) and the extension of operating hours are scheduled to be realized by the end of the year 2000. | |
Calculating banks' balances arising from domestic fund transfers | Zengin System(Tokyo Bankers Association<Organization for Management of Domestic Fund Transfers>) | 9.4 trillion yen | -- | -- | Organization for Management of Domestic Fund Transfers has been investigating the rules for providing liquidity and collaterals and for sharing losses to establish a new settlement system. | |
Calculating banks' balances of yen funds arising from foreign exchange transactions | Foreign Exchange Yen Clearing System (Tokyo Bankers Association) | 42.3 trillion yen | -- | -- | In December 1998, Tokyo Bankers Association adopted the new system in which the Lamfalussy Standards are fulfilled. | |
Calculating banks' balances arising from exchange of bills and checks | Clearing Houses(Regional Bankers Associations, etc.) | 6.4 trillion yen | -- | -- | ||
Securities | ||||||
Government bonds | BOJ-NET (JGB Services) (Bank of Japan) | 28.7 trillion yen | T+3 | O
| RTGS (in principle, Abolition of Designated Time Net Settlement) and the extension of operating hours are scheduled to be realized by the end of the year 2000. | |
Ordinary bonds | JB Net(Japan Bond Settlement Network Co. Ltd.) | 513.7 billion yen | T+5 | O | Considerations are currently underway to realize T+3. | |
Stocks | Japan Securities Depository Center | 1.294 billion (number of settlements) (FY1997) | T+3 | O (Scheduled) | DVP is scheduled to be realized by the end of FY2000. | |
Money market instruments (CD and CP) | -- | 0.67 trillion yen (Sum of CD and CP) | T+0-T+2 in most cases | × | Considerations are currently underway to refine settlement systems for CD and CP with the aim of realizing DVP and other improvements. | |
(IV-6-(1)) Settlement Systemsfor Securities in Major Countries
United States (Government Bonds) | United States (Equities, etc.) | |
Settlement Agency | Fedwire | Depository Trust Company |
Eligible securities | Government bonds, | Equities, Corporate bonds, Municipal bonds, CP, etc. |
Form of securities | Dematerialized | Materialized (Collective custody) |
Settlement Period | T+1 | T+3 |
DVP | Executed | Executed |
United Kingdom | United Kingdom | |
Settlement Agency | Central Gilts Office (CGO) | CREST |
Eligible securities | Government bonds | Equities, Corporate bonds |
Form of securities | Dematerialized | Generally dematerialized and partly materialized |
Settlement Period | T+1 | T+5 |
DVP | Executed | Executed |
Germany | France | |
Settlement Agency | Deutsche Borse Clearing AG | SICOVAM |
Eligible securities | All securities | All securities |
Form of securities | Generally materialized (Collective custody) and partly dematerialized | Dematerialized |
Settlement Period | T+2 | T+3 |
DVP | Executed | Executed |
(Source) Ministry of Finanace
( IV-7 ) Major CommodityFutures listed in Japans International Commodity Markets
| 1951 | Cotton Yarn |
| 1952 | Rubber, Sugar (refined sugar and raw sugar), Domestic soybeans, Azuki (Red Beans) |
| 1982 | Gold |
| 1984 | Silver, Platinum, U.S. soybeans |
| 1992 | Palladium (Experimentally listed. In 1994, formally listed.) Corn (Experimentally listed. In 1994, formally listed.) |
| 1997 | Aluminum (Experimentally listed.) |
| 1998 | Arabica coffee (Experimentally listed.) Robusta coffee (Experimentally listed.) |
| (Schedule) | |
1999 | Gasoline, Kerosene |
(Sources) Documents of Tokyo Commodity Exchange and Tokyo GrainExchange