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

尽管日本迄今一直引领亚洲大宗商品期货市场，但它并不是一个关键市场。要成为亚洲重要的商品期货市场，日本需要解决一系列问题。本研究的目的是探讨这些问题，并寻求如何发展日本作为一个重要的商品期货市场在亚洲。有鉴于此，将研究以下问题：1。在日本的商品期货市场（JCF市场）中，套期保值交易仅占JCF市场总交易量的10%，外国交易者在整个JCF市场中的作用非常小。这种情况主要是由于缺乏流动性造成的，因此需要采取扩大流动性的战略。商品基金（管理期货）是扩大JCF市场流动性的一种方式。要推广商品基金，必须让期货业具有可信赖性。因此，期货业应推动提升可靠性形象的措施。近年来，在西方期货市场的带动下，西方和亚洲的商品期货市场迅速建立了基础性的安排和合作活动。相比之下，JCF市场相当原始。除了扩大流动性外，还应在短期内促进JCF市场的全球化。

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.