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

日本商品期货市场：寻找“亚洲时代”的理想结构

• 批准号: 09630106
• 负责人: MORI Yukihiro
• 金额: $ 0.7万
• 依托单位: Shimonoseki City University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 1997
• 资助国家: 日本
• 起止时间: 1997 至 1998
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-09630106/
• 关键词: commodity futures; futures markets; commodity fund; Asia; liquidity; grobalization; 商品先物市場; 商品取引; リスクヘッジ; 価格変動; 価格形成; 国際商品; リンケージ

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.

尽管到目前为止，日本一直是亚洲大宗商品期货市场的领头羊，但它并不是一个关键市场。要成为亚洲重要的大宗商品期货市场，日本需要解决一些问题。本研究旨在检视这些问题，并寻求将日本发展为亚洲主要商品期货市场的途径。有鉴于此，将调查以下问题：1.在日本商品期货市场(JCF市场)，套期保值交易仅占JCF市场总成交量的10%，外国交易商在整个JCF市场中所起的作用很小。这种情况在很大程度上是由于缺乏流动性造成的，因此需要采取扩大流动性的策略。大宗商品基金(管理期货)是扩大JCF市场流动性的一种方式。要普及大宗商品基金，期货行业必须被认为是可靠的。因此，期货行业应推动提高可靠性形象的措施。近年来，在西方期货市场的引领下，西方和亚洲的商品期货市场迅速建立了基础安排和合作活动。相比之下，JCF市场相当原始。除了扩大流动性外，短期内还应推动日中合作基金市场的全球化。