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- Product code: 3648
- ISBN: 1855735962,
ISBN13: 9781855735965,
496 pages, hardback
Published by Woodhead Publishing on 2002
, 2nd Revised edition Rate this book...
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Description of Japanese Financial Markets |
The first edition of Japanese financial markets established itself as a standard work on one of the most important financial centres in the world. Since then there have been substantial changes, most notably a serious financial crisis and major subsequent reforms of the financial system. Written by leading analysts from the prestigious Nomura Group, this authoritative second edition explains these changes and their consequences for the current structure and operation of the country's financial markets.
• Comprehensively updated new edition of a standard work
• Covers all aspects of Japanese financial markets in detail
• Written by a distinguished banker with unrivalled insight into Japanese financial markets' workings
• Essential reading for fund managers, institutional investors and financial analysts
The book is arranged in four main sections:
Part 1 provides an overview of the recent performance of Japan's financial markets, the crisis in the 1990s, government reforms and the subsequent 'Big Bang' in the country's financial system.
Part 2 looks at the range of participants in the market, from individual investors, public sector and corporate pension funds to investment trusts, government bond issues and the equity market. This section of the book also discusses cross-border money flows, monetary policy and the regulatory framework.
Part 3 discusses the markets themselves, covering the money and bond markets, trading in equities and securities and the venture capital market.
Part 4 considers current problems and likely future developments in the financial system.
This major new edition of Japanese financial markets will be essential reading for fund managers, institutional investors, financial analysts and all those concerned with one of the world's most important financial markets.
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Contents of Japanese Financial Markets |
PART 1: OVERVIEW
1: The historical performance of Japan's financial markets
• The stock market
• The bond market
• Short term assets
• Comparison of performance by asset class
• The lost decade
2: The financial system crisis and the financial Big Bang in Japan
• Breakdown of the government's gradual-reform policy
• Japan's policies to resolve the financial system crisis
• Consequences of reform
PART 2: MARKET PARTICIPANTS
3: Individual investors and the investment-saving balance
• Postwar changes in individual investor's behaviour
• Individuals' financial asset allocation
• The financial Big Bang
• The outlook for individual savings in the 21st century
4: Asset management by the private sector: postal savings, Kanpo and public pensions
• The postal savings system
• The Postal Life Insurance Service
• The public pension system
• Future management of public sector assets
5: Corporate pension funds
• Defined-benefit pension plans
• The Defined-Benefit Pension Law
• Defined-contribution pension plans
6: Investment trusts
• Infrastructure for investment trusts
• The investment trust market
• Size of the Japanese investment trust market
• The current role of investment trusts in Japan
• Performance of stock investment trusts
7: Banks and insurance companies as institutional investors
• Investment in marketable securities
• Trust banks
• Banks
• Insurance companies
• 1980s: investment management during the age of the seiho
• 1990s: investment management after the period of the economic bubble
• Investment management during the period of bankruptcies
8: Cross-border money flows and the exchange rate
• Trends in the current account surplus
• The long-term uptrend in the yen's value
• Political factors and the yen-dollar exchange rate
9: The government and the public bond primary market
• State of crisis
• The interdependence of the general account, the special accounts and FILP
• The failure of Japan's fiscal reforms
• FILP reforms
• The government bond market
• Public finance and the government bond market: the outlook for the 21st century
10: Corporate finance in Japan
• Corporate finance and changes in the economic structure
• The rise in credit risk
• Credit ratings
• Trends in the financial condition of Japanese companies
• The changing environment for corporate finance
• Consolidated operations
• Japan's outlook for corporate finance
11: The Bank of Japan's monetary policy
• The new Bank of Japan Law
• The management of monetary policy
• Key issues and future directions
12: The Financial Services Agency
• From MOF to the Financial Services Agency
• The present regulatory framework
• Progress to date and future issues
13: The securities exchanges
• Development of securities exchanges in Japan
• The structure of the securities exchanges
• Other types of exchanges
• The over-the-counter market
• Settlement systems
• Intermarket competition and the market infrastructure
PART 3: THE MARKETS
14: The money market
• Changes in Japan's money market
• The key money markets
• The outlook for Japan's money markets
15: The fixed income secondary market
• Changes in the bond market
• Overview of the bond market
• Bond futures and options
• The secondary bond market
• BOJ bond operations
• Characteristics of the pricing of bonds
• Conclusions and future challenges
16: The equity trading market
• Stock market indexes
• Japan's equity and equity-linked markets
* deregulation, market reforms and new trading tools
17: Equity cross-shareholdings
• A history of cross-shareholding in Japan
• The relationship between cross-shareholdings and stock prices
• The relationship between cross-shareholdings and the P/E ratio
• The impact of cross-shareholdings on Japan's capital markets
• The outlook for cross-shareholdings in Japan
• Appendix 1: Types of cross-shareholding ratios
• Appendix 2: A theoretical discussion of the impact of cross-shareholdings on stock prices
18: The securitisation market
• The development of Japan's securitisation market
• Major laws relating to asset securitisation
• The profile of Japan's securitisation market
• An analysis of major types of MBS and ABS
• The outlook for the market
19: The venture capital market
• Japanese venture capitalists
• Japanese venture capital funds
• Building up a strong venture capital system in Japan
• Key issues for Japan's venture capital industry
PART 4: THE MARKETS
20: The future
• Preventing moral hazard
• Japan's banking system and the risk of moral hazard
• The current state of Japan's financial system
• Financial intermediaries
• Conclusion
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About J. Ujiie (Editor) |
Janichi Ujiie is the President and CEO of Nomura Holdings, Inc. He has held various senior management positions in the research and international divisions of Nomura, including the post of President of the US unit, Nomura Securities International, Inc., and has been a director of Nomura since 1990. Mr Ujiie also serves as an outside director of the Tokyo Stock Exchange, Inc.
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