Historical and Institutional Analysis of the Capital Market in Japan -Comparing with Advanced and Developing Countries

点击翻译按钮获取中文摘要

This study examines Japanese capital markets by 1) offering both a horizontal and vertical perspective by analyzing their longitudinal and historical development from the time of the 1868 Meiji Restoration, as well as by taking into account both Asian and Western examples for comparative purposes; 2) considering carefully market composition structure practices (the suppliers, consumers, and mediators of capital); and 3) clarifying the Japanese structure and its unique characteristics, as well as Japan's value formation mechanisms in stocks and bonds by depicting the particular aspects of various transacted securities along with the securities transaction system itself.As a result of our research, we could set up and prepare a lot of preliminary documents and long term statistical data on Japanese capital market that has to date remained in a virtual black box: the importance of the actual circumstances of the securities company management's roles as market mediators and market subjects. The comparatively low level of oversight of security company management along with its weak accountability, and the general weakness of Japan's financial base-points that historically have restricted Japanese capital market development-have received attention in the past. There are other points concerning the security markets themselves that remain unclear, including the actual conditions of futures transactions and margin differences that formed the principle axis of the prewar stock market, the mechanisms employed to induce the sudden rise of stock prices during the Taisho-era (1912-1926) bubble, the influences that followed the securities system reforms of the post-World War II recovery period, the structural changes in capital markets following the large scale national bond issuance from the late 1970s, and the specific content of the foreign pressure that encouraged the formation of the 1984 US-Japan yen-dollar committee.