Japanese Capital Markets

Shinji Takagi is Associate Professor of Economics at the University of Osaka and holds a joint appointment as a senior economist at the Institute of Fiscal and Monetary Policy at the Japanese Ministry of Finance. He gained his PhD in economics at the University of Rochester and he has previously help positions at the Research Department of the Internaitonal Monetary fund and at the Bank of Japan Institute for Monetary and Economic Studies. He has published widely on international monetary economics and Japanese financial markets in many international journals.

• List of Figures v List of Tables viiiList of Contributors xiiiList of Abbreviations xvIntroduction Shinji Takagi 1I INTERNATIONAL ASPECTS OF JAPANESE CAPITAL MARKETS 191. The Japanese Financial System and the Cost of Capital Jeffrey A. Frankel 212. International Capital Flows and an Open Economy: the Japanese Experience Richard C. Koo 78II. THE FRAMEWORK OF CAPITAL MARKETS 1313. Corporate Finance in Japan James E. Hoddar and Adrian E. Tschoegl 1334. The Securities Industry in Japan Megumi Suto 1645. The Regulatory Environment for Japanese Capital Markets Hideki Kanda 196III. THE BOND MARKET 2136. The Japanese Bond Market Shigeru Yamamoto 2157. The Secondary Government Bond Market in Japan Toshiharu Takahashi 249IV. THE EQUITY MARKET 277Seasoned Equity Issues in Japan Hideki Hanaeda 2799. The Organization and Microstructure of the Secondary Stock Market in JapanShinji Takagi 30210. Stock Return Regularities on the Tokyo Stock Exchange Kiyoshi Kato 34011. Modeling the Behavior of Japanese Stock Indices Adrian E. Tschoegl 371V. FUTURES, MONEY, AND FOREIGN EXCHANGE MARKETS 40112. Stock Futures and Options Markets in Japan Tomohiko Adachi and Motonari Kurasawa 40313. The Money Markets in Japan Colin McKenzie 42614. The Foreign Exchange Market in Japan Fumihiko Tateno 452VI. INVESTMENT TRUSTS AND SECURITIES FINANCING 48715. The Structure and Performance of Investment Trusts in Japan Junko Maru 48916. Securities Financing in Japan Ulrike Schaede 517Index 557