Japan's Commodity Futures Markets : Searching for an Ideal Structure in the "Asian Era"

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Although Japan has led Asia's commodity futures markets up to now, it is not a key market. To be a key commodity futures market in Asia, Japan needs to address a number of problems. The purpose of this study is to examine these problems and search for ways to develop Japan as a key commodity futures market in Asia. In light of this, the following issues will be investigated :1. In Japan's commodity futures markets ( JCF markets ), hedge trading accounts for only 10 percent of the total volume of JCF markets, with foreign traders playing a very minor role in the overall JCF markets. This situation is largely caused by a lack of liquidity, and therefore strategies to enlarge liquidity are required.2. Commodity fund ( managed futures ) is one way to enlarge liquidity in JCF markets. To popularize commodity fund, it is necessary that the futures industry is perceived as reliable. Thus, the futures industry should promote measures that will enhance the image of reliability.3. In recent years, under the leadership of Western futures markets, The commodity futures markets in the West and Asia have been rapidly establishing foundation arrangement and cooperative activities. In comparison, JCF markets are quite primitive. Besides enlarging liquidity, globalization of JCF markets should be promoted in the immediate term.