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The Japanese Foreign Exchange Market : Routledge Studies in the Growth Economies of Asia - Beate Reszat

The Japanese Foreign Exchange Market

Routledge Studies in the Growth Economies of Asia

Hardcover

Published: 13th November 1997
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In recent years, Japan's financial markets have seen dramatic changes. One of them is the explosive growth of currency trading and the increasing international role of the yen. Tokyo has become the third largest centre of foreign exchange trading worldwide, behind London and New York. The Japanese Foreign Exchange Market gives a comprehensive overview of this activity. It provides a comparative economic analysis of practices and risks as well as related policy issues. After a short introduction to the history of money in Japan, the work focuses on three areas: * General characteristics of the market such as market participants, trading strategies as well as accounting rules and practices and their influence on attitudes towards risks. In particular, the author searches for an explanation for the large currency losses Japanese firms experienced in recent years. * The nature of foreign exchange risks, the sources of exchange rate variability, the dangers of derivatives trading and the threats lurking in Japan's large-value interbank payment systems. * Policy issues, concentrating on prudential regulation and monetary policy co-opertion and studies the prospect for a yen zone in Pacific Asia. This work is the first non-Japanese language title to examine the prolific rise of Japan's foreign currency exchange market, its idiosyncracies, and its future role in the global economy. It is vital reading for economists and students of Japan-related subjects.

"A benchmark study documenting the state of the market on the eve of the full liberalization of foreign exchange trading announced by the Japanese government for 1998. After a short historical overview of money and financial markets and institutions in the country, Reszat describes some general characteristics of the foreign exchange market...." -"Book News "It breaks new and valuable ground...." -"Pacific Affairs

List of figures and tablesp. vii
Acknowledgementsp. ix
List of abbreviationsp. xi
Introductionp. xiii
Background
Market Historyp. 3
Early beginnings of money in Japanp. 3
Meiji Restoration and the birth of the yenp. 6
Post-war developmentsp. 11
Market liberalisationp. 14
In the aftermath of the bubblep. 17
General Characteristics
Market Participantsp. 21
Foreign exchange banks and brokersp. 22
Customersp. 32
Market Segments and Transactionsp. 41
Spot and forward marketsp. 45
The role of foreign exchange swapsp. 47
Futures and optionsp. 50
Attitudes Towards Risksp. 55
Covering and hedgingp. 55
Position taking and arbitragep. 60
Trading techniquesp. 63
Accountingp. 68
The Risks
Introductionp. 79
Market Risksp. 80
Measures of variabilityp. 82
Some stylised factsp. 84
Limits to forecastabilityp. 89
Derivativesp. 99
Asymmetries and Non-linearitiesp. 99
Risk management practicesp. 102
Market linkages and operational risksp. 111
Payment System Risksp. 121
Major payment systemsp. 125
Private sector initiativesp. 134
Policy Issues
Introductionp. 143
Market Regulationp. 144
Principles of bank regulationp. 144
Exchange restrictionsp. 150
Risk monitoring and risk provisionp. 157
Exchange Rate Stabilisationp. 164
Central bank interventionsp. 164
International policy cooperationp. 173
Conclusionp. 183
Notesp. 184
Bibliographyp. 204
Subject indexp. 221
Index of authors and sources citedp. 228
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780415142328
ISBN-10: 0415142326
Series: Routledge Studies in the Growth Economies of Asia
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 248
Published: 13th November 1997
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 23.4 x 15.6  x 2.31
Weight (kg): 0.48
Edition Number: 1