A Comparison of the Securities Markets in Japan and the U.S.A.

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Japan and the U.S.A.

著者 Maru Junko

出版者 Institute of Comparative Economic Studies, Hosei University

journal or

publication title

Journal of International Economic Studies

volume 3

page range 67‑83

year 1989‑03

URL http://doi.org/10.15002/00002078

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JoumalofInternationalEconomicStudies(1989）No.３，６７－８３ o1989ThelnstituteofComparativeEconomicStudies・HosciUniversity

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ＪｕｎｋｏＭＡＲＵ

Ｓｅ"ｉＤｒＲ“e…AerQﾉﾉﾋJpanSec”ijiesR“e恥Amsrmre

1．Introduction

Recently，“theglobalization，，ofsecuritiesmarketsisdevelopingrapidlyandthe financialrelationshipamongcountrieshavebecomemuchtighter・ButthefInancial systemmcludingsecuritiesmarkets,isverydifferentineachcountry、Eachsystem

dependsonthenationalcharacteristicsoftheindividualcountries、

Itisveryimportanttorecognizethespecialfeaturesofthefinancialsystemin Japan，whenweconsiderthefutureinternationalizationofthesystem，Ｉｎｏｒｄｅｒｔｏｄｏｓｏ，wecomparetheJapanesefinancialsystem，especiallythesecuritiesmarkets，

withfinancialintheUnite。States・

Thefinancialsystemhastwofimctions,i､e・thefUnctionofassettransfbrmation andthefunctionofassetliquidization・Thefbrmerfimctionconcernswhetherthe

assetsarefinanceddirectlyorindirectly・Here，ｔｈｅdistinctionbetweendirect financeandindirectfinancedependsonwhetherlendersholdtheprinciplesecurities issuedbyfInalborrowersdirectly，ｏｒwhetherindirectsecuritiesaretransfbrmedby fmancialmstitutions・Thefinancialinstitutionsincludethebankingsystemand securitiescompaniesThelatterfunctionisderivedfromtheformer，and，ｐｌａｙｓａｎｉｍportantrollinthefinancialsystemThefunctionworksthroughtheope、market inwhichmanypeopleparticipate，andthroughthedirectmarketinwhichpeople

negotiatedirectly・

ＴｈｅstatisticalresultswithwhichthefinancialsystemsofJapanandtheU・Ｓｃａｎｂｅｃｏｍｐａｒｅｄａｒｅｓｈｏｗｎｉｎｆｉgure-lGenera'1ywecharacterizethefInancialsys‐

temoftheUnitedStateasrelyingprlmarilyondirectfinancialfOrms・Ｂｕｔ，both thesystemsinboththecountriｅｓａｒｅｑｕｉｔｅｓｉｍｉｌａｒａｎｄｕｔｉＵｚｅａｎｕｍberoffinancial forms・However，thekindsoffinancialinstitutionsaresignificantlydilTerentlnthe privatesector，banksandtheotherfmancialinstitutioｎｓｈａｖｅａｌｍｏｓｔｔｈｅｓａｍｅｗｅｉｇｈｔｍｔｈｅＵ・ＳＡ・Ｏｎｔｈｅｏｔｈｅｒｈａｎｄ，ｉｎJapan，banksoccupyasignificantly biggeｒｗｅｉｇｈＬＴｈｅＵ.Ｓ、financialsystemhistoricaUyhasbeenmarketoriented,while theJapanesefinancialsystemhasbeennon-marketorienteduntilrecently､However，

since１９７５，theJapanesesystemhasbeenmovingtobemarketorientedInaddition，

theweightofthepubhcsectoragainsttowholefmancialsectors，aregraduaUy

gettingbiggerinbothcountries．

＊Ｔｈｉｓａ】ｒｔｉｃｌｅｉｓｔｏｂｅｒｅｖｉｃｅａＩｉｔｔｌｅａｎｄｔｏｂｅｔｒａｎｓｌａｔｅｍｙａＴｔｉｃｌｅｗｈｉｃｈｗａｓｐubUshedontheTheEconomic

ReviewVo１．３９ＮＱ１Ｊａｎｕａｒｙｌ９８８

－６７－

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FigureLAComparisonoftheFinancialSystemsinJapanandtheU.S､Ａ・

ＵＳ・A mdirectfmance･personalｔｙｐｅ

Japan

淫

０２０４０６０８０１００％0２０４０６０８０１００％

^{】亟小坐坐關竺} ^ノク ^／、 ^{》】【三】山一}

^６６８^1.1 ^６０．１ ^yearIy^average^l950^～５４ indirectHnance

l)mdirectHnanceratio＝ indirectfinance＋directfInance markettype

markettyperatio＝

markettype＋personalｔｙｐｅ Data：JapanBankofJapan，FlowofFundsAccounts、

ＵＳ.Ａ・BoardofGovemorsoftheFederalReserveSystem，

FlowofFundsAccounts・

SouTce：SRoyama[1986］

OnthebasisofthedifYbrencesinthefinancialsystemsofbothcountries,ｗｅcan makeacomparisonbetweenthesecuritiesmarketsinJapanandtheU・ＳWecan studyboththeevolvingprocessesandstructuresforbothsecuritiesmarkets・Then，

weevaluatethedifference(orsimilarities)inbothmarketsInparticular,weconcen‐

trateontheperfbrmanceofliquidizationfunction

lnsection2，ｗｅｃｏｍｐａｒｅｔｈｅｓｃａｌｅｏｆｓｅｃｕｒｉｔｉｅｓｍaｒｋｅｔｓｉｎｔｈｅｔｗｏｃｏｕｎtries・

Insection3，ｗｅｃｏｍｐａｒｅｔｈｅｐｅｒｆｏｒｍａｎｃｅｏｆｂｏｔｈｍarketslnsection4,wedevelop fipameworktocomparethestructureofthemarketsandwediscussthedifferencesin thesestructuresinsection5，Finally，wetrytoconsiderthepossiblefuturechanges intheJapanesesecuritiesmarketinsectio、６．

2．TheCurrentSituationoftheSecuritiesMarkets l）StockMarkets

Incomparingthescalｅｏｆｔｈｅｓｔｏｃｋｍａｒｋｅｔｓｂｙｕｓｉｎｇｔｈｅｔｏtalmarketvalueof

－６８－

indirect nnance ratio

market tｙｐｅ ratio

indirect fmancc ratio

market type ratio

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theustedstocks，theUSstockmarketissignificantlybiggerthantheJapanese stockmarketsignificantlyuntUl986（figure２).But,inl987thestockpricelevel grewquiterapidlyinJapan，andtheTokyostockexchangedominatedtheNYSE accordingtototalmarketvalue

Figu正２．TotalMarketValueofListedStocks

lOOObUliondoUars

２

１

０１９７８，７９０８０，８１’８２，８３，８４，８５，８６ Source：ＮＲＩ：ManualofSecuritiesStatistics

Thestockmarketcanbedividedintotheexchangemarketandtheover-the‐

countermarket・Thefbrmerisahighlysystematizedmarketandtradingiscentral‐

izedmanexchangeThereareUstmgcriteriawhichareprovidedbytheexchange regardingthesizeandbusmessconditionoftheissuingcampany，Ｕｑuidityofthe securities，andotherpertmentftlctorsinorderensurefairpricefbrmationandto maintainsmoothtradingfbrtheprotectionofinvestors，Theotherhand，theover- the-counte形marketislessorganizedthantheexchange，andthetradingisexecuted over-the-counterofthesecuritiesCompanies・But,theequityissuesthataretradable overthecounterarenotcompletelyarbitraryandmustberegistrated・

CharacteristicoftheU・Sstockmarketisthattheover-the-counter-market (NASDAqNationalAssociationofDealersAutomatedQuotation）isquitebigand occupies33％ｏｆｔｈｅｔｏtaltransactionvolumeinl984Andthemarketworksquite welLInconstrast，theover-the-counter-marketofJapanisverysmallandoccupies only0.13％ofthetotaltransactionsvalueoftheTokyoStockExchange

Next，wecompareshareownershipbytypeofmvestors・ＴａｂｌｅｌｓｈｏｗｓｔｈｅＵＳ・

marketandtableZshowstheJapanesemarket・ＩｎｔｈｅＵＳ.，thepercentageofstocks heldbymdividualinvestorsislargerthanthatheldbyanyothergroupofmvestors・

But，thisratiohasbeengettingsmallergradually、Conversely，thepercentageof stockheldbyinstitutionalinvestorsisgettinghigher・ＡｎｄｗｅｆＩｎｄｔｈattheturn-over

－６９－

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－７１－

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ratiooftransactionsvolumebyinstitutionalinvestorsishigherthantheaverage

ratiointhemarket

Thismeansthatinstitutionalinvestorsarcveryactiveinstockmarket・Therealso

existsthephenomenaoftｈｅ“institutionahzation，,ｏｆｔｈｅｓｔｏｃｋｍａｒｋｅｔｉｎＪａｐａｎ：

Thepercentageimportanceofindividualinvestorsisrapidlyshrinkingwhiletheper- centagelmportanceofinstitutionalinvestorsisgettinghigher、But，concerningthe

turn-overratiooftransactionsvolumeinJapan，theratiofbrindividualinvestorsis

higherthanfbrinstitutionalinvestors・Asaresult，thephenomenaofinstitutionali‐

zationareverydifferentintheU､SandinJapan．

2）BondMarkets

Thecomparisonbetweeｎｔｈｅｓｃａｌｅ（outstandingsvolume）ｏｆｔｈｅｂｏｎｄｍａｒｋｅｔｓ

ｉｎｔｈｅＵ.Ｓ・ａｎｄｉｎＪａｐａｎｉｓｓｈｏｗｎｉｎｔａｂｌｅ３ａｎｄｔａble4Accordingtothismeasure

ofthemarketscale,theJapanesebondmarketisgrowingmorerapidlythantheU・S bondmarket・Considermg，thevolumeofbondsoutstanding,inJapanthemarket grew１３．３ｔｉｍｅｓａｎｄｉｎｔｈｅＵＳ、５．７ｔｉｍｅｓｆｂｒｔｈｅｌ６ｙｅａｒｓ，１９７０－１９８６.Ｉｎｏｒｄｅｒｔｏｂｅｔｔｅｒｓｅｅｔｈｅｒｅｌａｔｉｖｅｔhetwoscaleofbondmarkets,wetaketheratioofbonds

outstandiｎｇｓｔｏＧＮＰ・ＴｈｅｒａｔｉｏｆｂｒｔｈｅＵ・Ｓｍｏｖｅｓｂｏｔｈｄｏｗｎａｎｄｕｐｒａｉｓｉｎｇｔ0

76.6％、1970,fallingto71％ｉｎｌ９８１，andagainraisingto95､5％ｉｎ１９８５．The otherhand，mJapan，ｔheratiohasbeencontmuallygettinghigher，ｆｒｏｍ２８％in

l970,itincreasesto81､9％ml986whichisthealmostsameintheratiooftheU・Ｓ

ｉｎｌ９８３・

Ｗｅｎｅｘｔｓｕｒｖｅｙｔｈｅｂｏｎｄｍａｒｋｅｔｂｙｔｈｅvarioustypesofbonds・Duringthese periods,theratioofgovernmentbondstoallbondsinalmostcontinuously５０％iｎ

ｔｈｅＵＳＯｎｔｈｅｏｔｈｅｒｈａｎｄ,ｉｎJapan,ｔｈｅｒａｔｉｏｗａｓ13.3％inl970andafterthat，

ｔｈｅｒａｔｉｏｒｏｓｅｔｏａｂｏｕｔｈｉｇｈｅｒａｎｄｉｓｔｈｅｓａｍｅｌｅｖｅｌａｓｔｈｅｒａｔｉｏｉｎｔｈｅＵ.Ｓ、ｉｎｔｈｅ

1980,s・Consideringcorporatebonds,ｉｎｔｈｅＵＳ.，theratioisgettinglower，falling from242％ｉｎｌ９７０ｔｏ１９％、1986.1,Japan,theratioisfalhngevenmorerapidly，

especiallytheratioofkinyu-sai（bankdebentures)tototalbondsshrankfrom30％

ｉｎｌ９７０ｔｏ16.6％ｉｎ1986.Ｉｎｓｕｍ,ｔｈｅcompositionofthebondmarketchangesa lotmoreinJapanthanintheU・SMoreover,thereexistjunk(highyield)bondmar‐

ｋｅｔｓｉｎｔｈｅＵＳ・ａｎｄｎｏｔｉｎＪａｐａｎ．

－７２－

(8)

ＡＣＯＭＰＡＲＩＳＯＮＯＦＴＨＥＳＥＣＵＲＩＴＩＥＳＭＡＲＫＥＴＳＩＮＪＡＰＡＮＡＮＤＴＨＥＵＳ.Ａ、

凸ｚＣ－Ｑト・トトＣＤ［トＣｏｍト□０℃トト。【トベ。【←＠。＠トベ．、← ＣＤ、ト寸・ｍト、、い、【。【ぬい。ｍ②、。、ト①。Ｄト＠．Ｃト。。⑦『ｂＯずべ函．寸倒①。すべ【・寸［ ①。ぐべロ・ずぶ守・守ｍｍ０寸刷［０，Ｎ、。、【 ①ｏ［べい。べ【「０①【吟０．【ト０面『←。函『

Ｕ一色 ○．トすぺ国寸ＣＯト守＠．吻寸ｂ０ｂ寸武。←すす。ト寸西０℃い『の寸囚．⑦寸ト。ト寸西。←す戸。Ｃｍｂ，西寸 ①ｏＣｍｂ０［叩ト。③守Ｕ。。｛・く『０トベ①．⑦べす。○ｍひ。［、ト０①【ｍｏｃＮ【．、、す。［、ｂ０ト、⑦。ｍ、す。ｂ、＠．◎、・・Ｃ、、．⑦【ず。⑦武し、ト、←ｏｍｍ

臣◎壱０甸戸員屋。函『【めす寸℃・囚胄ｍｍｂ０つ【べ、つ・し⑦トペす。②唖寸ぶす・トロ「【、０ｍ⑭。【【。Ｃ【西『⑦。いいｂ【⑦ＤＣＣ、『。、マｂ、「ｍ、すべ、［、．⑭トＣ「ＣＤＣ⑦⑦ 寸。②【⑦い。Ｃ〕西＠．トトト

（・至・の．、）呂臣ｏ由団員已冨』⑰旨。旨■◎昌至

の苗ＨＣｐ』ｏＵ ● 、、西、『ＣＣＮ【卸、。「、、 ⑦。寸寸【迫。トｂＮ ←。［Ｃ、 ◎口【、、 ②０，℃、画。寸⑦、ｃ・ト【寸ロ．①ママ『ずト寸ぺ。ｍＣｍｂ０ｍｍい ○・、●、［・寸【トい、吻寸⑭

国

巨騨ｇｏ田つ。の「［・す【 ○．ト「Ｃ０℃［ＣＯトマ【・両寸 ◎。、。③．①、、、い【［．①「 ⑦、⑭、⑦。、、ｍｏｍｍｍ０トす、。⑰①、０寸しい。、ト

百○．】（⑨】■一ｍ

寸トＯ、すｍＯｎｂＣ｡、●守【～、｡、、1，戸｡、0D ●B●■①OB●●■?■ ●O●

ず閂ｑｎＯＯｒ､Ｉ守Ｖ､Ｖ、寸戸トｍｍＩＣ、。｡で刈寸（。［～。。●戸ぺｍｑｎト、｡、閂す（ＣＳＣＳＵ閂弓閂Ｒ曲ＣＯＣ刈ぺべｍＣｑＮｍｍ〔、す【、

］目①臣崗０巨肖⑭シ◎媚）ト・［ぬ「。。めす「ｍ・トト⑦。←い ②。←の ⑦。、トｍｎＣｍ【囮。③寸①。、す ①。【【【、。ト●『 ⑦。、、面す。ａ『、【０℃ぺいト．［いず『・西⑦トト．ｂ【①

、皇（肩Ｐロ由の二宮』二○⑪の討閂二罰巴俔②一・呵一①］尚甸巨・と◎Ｚ［。、⑦のトｏｍＣｍぺ．、『寸○。つい、Ｃ・ず［、ＣＯトＣ、ト。いつ、【．、［両国．寸○【〔．いいぺぺ．【、ぺめ．ぺ【ベト．②Ｃ【□・ト⑦『”・トト［、。ＣＤ【囮。⑦、【呂自◎ぬ⑭凹甸凶Ｂｚ５曽国図四首①

つ。トマ①。○ず

し。つい

＠．西吻囚．ト、［・寸寸トりすトＣＤＣ② 垣０画【す。、、 ⑦。αのす．、酉函。⑦マペト．、、【し。》Ｃ［［。［［【①、ト①『

銅の一箔凶ゴ。①函百二恩日』の一ｐ昌旦】甸舅

、￣ＱｎｂＣ□｡閂トｏＯＣＯ寸NＣ、●寸閂ＶｉＶ、｡● ､■●●◆●●●巳■■■ B●■

閂寸閂す□、ト､。ＲＱｎＧｎ閂Ｖ）ｑｎｍＵｎＮト

●再べ（、ＵＧＵ（･再ＱｎｈＣＣＣベト＠t～●~ｍ円司司ヨーｐＧＯベGｑｒｑＵｍｍ寸呵ト０．。、

⑫已自◎ぬ」◎一再弓

ト･ＱｎＣＣ１ｍｍＣｎＱｎトベピｎＶ）Ｏ、マト●■●●●●B●gB●｡■●● □巳●

←「､００，￣ｒ■０ｍ~⑦ト･(、●閂●トト。、

寸＠、◎ト００，◎ｎｑｎＯＯの、CｑＣｑ｡ＣＱ、寸Rｎ閂

「町一Ｎ「､０ｍｍ寸寸寸ＶＤlＣト００ＣＳＵ寸、。⑱。、ＤｑＳＣョ弓弓~

冨甸冨坤』塵之砥日二口＋晏包Ⅱ記日日ｇｃｍ８昌○目：百戸』畠】呵冨

￣

記

』◎で皀四吋甸②房 ◎ト⑦閂

閂Ｇｏｍ寸Ｑの、｡ト｡｡。、￣閂『刊《▼》寸呼、、Ｃｔ－Ｒ－ｒ－ｒ－ト「～［－t～【～ｃｃｏｃｏｏＱｃｏｏｏｏｏｏ

ゲヘー、一、●

円ら0（、９，

－７３－

(9)

円ｚＣ－Ｑ、。［ｍＣ０ｍ【 ②．【、【。ｍ、Ｎ・勾寸ＣＯ両寸画．車両町．、、トＤｍｍＣ。、、、、トロ②。【＠。。【勾西．⑦ト寸。トト寸。ベト

【Ｏす『ず、寸［、曰引『⑦０【「【。『【←、【［ＣＤ、ＣトＮｌｎｍＱｏ寸寸、Ｏ、Ce ●Cひ

。、００【～ト、◎ＬＣｌｎｑｎｑｒ》ＶＤｌＤ

Ｕ一色ト。⑦［【・西閂【。、［［０，百函。す、つ．Ｃ、寸・いぺの。つく［・ト寸勾。ずい ⑦。③す①。⑦寸

Ｑぞｍ、【す㈲・函、西。つめ、０ｃｍ ⑦０ｃｍ

。「､ＩＣ、｡、ｒ－ｑｎｍＧＵＲトＮ、ｃ、閂寸Ｃ○・

閂ＣｏＣｏ。、ｃｃｃｍ＝1ｃｍ，、トー・ト。、副ｌｃＮ、ｃＣＧ０ｏ、寸ＱｎＮＣｏｏｏｃトトｖＤｍｃ、へ、会いいいいいいいへいいいいいい

。。、。、寸ＧＯＯ、し、◎トｒ７ｉ．、ｃｃト。、、ｃ一戸１，戸ｏｏＧＣＯＯｍ－ＣＧｌ寸寸ト。、閂「､Ⅱ閂

べべ、両寸ｖＪｔ－ｏ、気ｎＵＩｎｑ苞＜Ｌ、ｑｏｑ

閂閂閂閂司ＧＩＧ０Ｇ０Ｇ０

Ｃ百一．』

（冒号こる■●四四自己自国、旨。』。旨■ｏ日ペ

２コ←臣○二。□

二目何国､ｃｂＣｏｏｔ－ｂＣ、Ｃｏｏ戸「､Ｉ●閂oｏｈｃｑｎト●。、

トＯｏｑｎＳＣ◎０｡、ト、、。バトす、｡、－ｑ、ト

、ト●ト戸閂。、。、Ｑｎトｑｎ《､ＯＣＬＣ｡｡閂｡、公ＦＰＦＰいい合いい■bのいいいいのｂ

ｍｃＤト、、｡、ｍＦｂｂｏｃＯ￣戸ｌＣｑｎ、◎寸Ｕ、閂

［。ト。、戸ｍｏｎｏ。Ｃ６０寸lＣ。◎閂ｑ、･、ｍｒ－

胃司司ＲｎＳＯＧＯベ炉０，ｍｍすぐ十

■響①尚ｏ田口①一旬巨凸Ｅｏ目のロとのン￣●￣、Ｃ６０ｍｍ。、●、●トマ、す●ＣＯ

①寸廿、、ト、ＣＧＵ、［も［～、cｃ-1,ｍ再ｌｎＣﾍﾞＩ（ＣｈＣ。、ｑｎＣ寸・ｌｎｍＣｏトロ、ＧＩ､Ｃへの穴いいいいいいへの■Ｐへ伊

。弓～戸（ﾍﾞｌト、、。００寸・寸（もぐぐ､Ｕ

＝弓閂〔､０ｍｍ寸ＱｎＵｎ

国

９日。。閏。。

ぺ｡、「ｑ８ｎ弓bＣｍｌｎ閂寸ｏｃＱｎｍ｡。、。、、

。、ト０，Ｖ）閂、◎炉ｌｏＣトbＣｍＯｎＱｎマ、、･す

、寸司●ＧＩヨ司閂、￣寸｡｡トピ）、◎句、のいいへのの￣由へＰＰＰいいいへ虫

･ｔｏ戸｡◎寸、Ｃ［､１．，１，０，。、。寸○◎｡、｡◎、ＣｍｍすずnｎｈＣトト｡◎。、｡、閂戸戸ＮｍｈＣ閂司閂閂司閂

でｇ自国ロゴ○

首⑪Ｅ日ｇｏｏ。①①一○亜『［両寸いす①【⑦ト、いい寸【、＠ｍ（①【【『【①いずつ【⑦西トヘト西寸ト「（寸トー［べぃＣＤ、トト（ｂ寸句寸函へ＠ｍずし【の⑦Ｎ【ト【の寸Ｎｍｍｍか【［Ｃ←、い【【Ｃひ、（【句⑬。、Ｐ【【面面西（⑦閂

寸些ｓ”Ｐ自甸○口［］◎宮。逼昌○．湯く旨①］恒盾⑪ご臣ロつロ◎国の二Ｐ首］ロロ1，Ｃｏｏ｡｡。、｡、●ＱｎＯ、す｡、、、。｡、す●８，

．０ト~寸、。･･、～トｔ－、「ROHの●￣￣す

､◎~トｂＣＶ、｡、寸～｡、、｡｡寸《、Ｕ￣Ｃ、Ⅱ。。、いのＰいいＳ￣いいい￣いいいいＰ■

ずｖｂｌ｢》、。ト。、、。｡、閂ト、←〔、ＩＤ●、

～百ｍｍＳＦ》ず寸吋DVD、。･

局Ｕｏ目【函ＣＰＣ、［＠ひく◎つ寸（［い①いい＠【寸⑭寸のト○ｍい【『、ついべぺ＠い⑦（【⑦『の「し□『⑦「『函←のトトつい［トｍｍＰｂ『い、すい国廿ａＣト⑦鮪寸戸西呵トぃト。⑭『トつい、『トベＣの【α＠⑦【⑦（。寸西ｍ・【吻吻の①西Ｐ①、幻可⑦｛寸『Ｃａ。、ｍ【『い［、①酉⑦トトトデ⑦｛【１［、Ｅ⑦寸｛Ｉ寸回ｎ℃⑦ＩｍＣｎｍトー、四一面いＩ『ベ、②〔Ｉ［【『画く

こ

］ロ①巨冒の芦。◎］臣。。。蟹□原但○院Ｅ二壱②ｚ］臣⑪Ｅ日ｇｏｏ］的①閨の］自閂］。◎皀四周◎ンＣト。「

ＲＳＵｍ寸０，，．ト｡。。、●ヨトＯ〔〒》すＱ、￣

ト【～ｔ～【～【～【～【～ト【～◎ＯＣＣＣｂ｡。ｏＯＣｂＣの

－７４－

(10)

ＡＣＯＭＰＡＲＩＳＯＮＯＦＴＨＥＳＥＣＵＲＩＴＩＥＳＭＡＲＫＥＴＳＩＮＪＡＰＡＮＡＮＤＴＨＥＵＳ.Ａ､

３．ThePerfOrmanceofSecuritiesMarkets

l）YieldSpread

AtfIrst，ｗｅｃｏｍｐａｒｅｔｈｅｐｅｒｆｂｒｍａｎｃｅｏｆｂｏｔｈｍarketsconsideringthelong-term yieldspreadsbetweengovernmentbondsandhighqualitycorporatebond、The yieldstomaturityofgovernmentandcorporatebondsinbothcountriesareshown infigure3・Theyieldspreaddependsonbasicallythedefklultrisk・Ａｓｔｈｅｇｏｖｅｒｎ－

ｍｅｎｔｂｏｎｄｉｓｔｈｅsafer，givensimilarterms，theyieldfbrcorporatebondsshouldbe higherthanforagovernmentbondconsideringonlythedefaultrisk

Figure3、YieIdtoMatmity

(a）ＵＳ.A、 (b）Japan

％西％、

nTYmrnteB［

DｎｉｃＰｏｗｅｒＢｃ

10 ^E［５

１９８１１９８２１１８３１９８４１９８５１９８６１９８１１９８２１９８３１９８４１９８５１９８６３６９１２３６９１２３６９１Ｚ３６９１２３６９ｌ２３６３６１１２３６９１Ｚ３６９１Ｚ３６９１２３６９１２３６

Ｄａｔａ：TheBondUnderwritersAssociatiｏｎｏｆＪａｐａｎ

ｌｎｔｈｅＵＳ・bondmarket，thespreadsarealwayspositive，but，intheJapanese bondmarketthespreadsarealmostnegativeuntill983，Ｆｒｏｍ１９８３，thespreads

changetopositiveandgetprogressivelywider・

SpreadsarealsodetermmedbyUquiditymthemarket・Asbondswithhigh liquidityhavelowtransactioncosts，ｔｈｅｉｎｔｅｒｅｓｔｒａｔｓｗｏｕｌｄｂｅｌｏｗｅｒｃｏｍparedto

bondswithlowliquidity，otherthing，ｓｂｅｉｎｇｅｑｕａＬＵｎｔｉｌｌ９８３，thetransaction

volumeandthetum-overratiooftransactionsforJapanesegovernmentbondswere

relativelysmalLAsaresult，ｔｈｅｔｒａｎｓａｃｔｉｏｎｓｃｏｓｔｓｆｂｒｇｏｖｅｒｎｍentbondswerehigher thanfbrcorporatebonds

ThisphenomenareflectstheJapanesefinancialsystem、ＩｎＪａｐａｎ，government

bondsareissuredthroughunderwritingbyasyndicate・Moreovertheunderwriting bythefinancialmstitutionsiscompulsory・Therefbre,thebondholdingsoffinancial institutions，especiallycitybanksandlocalbanks，aredifferentfromtheiroptimal portfblios・Generally，ｃｉｔｙｂａｎｋｓａｎｄｌｏｃａｌｂａｎｋｓｐｕｔｕｐｆｏｒsalegovernmentbonds stronglywhenthemarketsareverytight、Recently，ｕｎｄｅｒｗｒｉｔｉｎｇｂｙｔｈｅｓyndicate

－７５－

(11)

hasbeenrelaxedandthetransactionsvolumesandturn-overratioshavebecome

larger・Ａｓ,theliquidityfOrgovernmentbondsisbetterthanfbranyotherbonds,ｔｈｅ spreadscomparedwithcorporatebondsarepositiveandgettingwider．

2）ThePerfOnnanceofMutualFunds

lnJapan，investmenttrustcompaniesonlyaretypicalinstitutionalinvestors・

Theyactivelyinvestinsecondarymarketslnthissection,wecomparetheperfbrm‐

anceofmutualfUndsinbothcountries・

Performancecanbemeasuredwitharelationshipbetweenthereturnsandthe risksofmutualfUnds､Assummginvestorsbehaveinariskaversefashion,theydete形 minetheiroptimalportfblioinordertodiversifyrisks・Underthiscondition,risks aremeasuredbythesystematicrisks(β)insteadoftotalrisksofreturnsonsecurities assets・Therelationbetweenｒａｔｅｏｆｒｅｔｕｒｎａｎｄｒｉｓｋｉｓｌｉｎｅａｒａｎｄthetrade-offrela‐

tioninwhichhigherratesofreturnsattendhigherrisksonaverage,holdsineffIcient

markets．

Figure4PerfOrmanceofJapaneseMutual Funds(1985-1987）

Ｒ２

1５１０．５０

－０．５

－１

1.6

ゲ､

β 0.8 1`２

－０．４０ 0.4

Figure4showstheperformanceof78stockinvestmenttrustfimds(opentype）

ｉｎＪａｐａｎｆｒｏｍｌ９８５ｔｏｌ９８７・Duringthisperiod,Japanesetrustfimdsgrewuprapid‐

ly・Thestraightnne（SML）showstheaveragerelationshipbetweenthereturnsand therisks、FundsabovetheUnegainedaboveaverageretumsconsideringtherisks・

Evidencefromthefigureshowsthatfewfundspositionedthemselvesabovetheline andmostoffundswerebelowtheUnePerfbrmanceofJapaneseｓｔｏｃｋｆｕｎｄｓｉｓｏn thewholebelowthemarketaveragaMoreover，ｔｈｅｆｕｎｄｓｄｉｄｎｏｔｓｈｏｗｂｅｔｔｅｒａｎｙｐｅｒfbrmanceduringanypreviousperioｄｆｒｏｍｌ９６４

Ｆｉｇｕｒｅ５ｓｈｏｗｓｔｈｅｐｅｒｆｂｒｍａｎｃｅｏｆｍｕｔｕａｌｈｍｄｓｉｎｔｈｅＵ・ＳＴｈｅｆｉｍｄｓａｒｅ

ｆｏｕｎｄｂｏｔｈａｂｏｖｅａｎｄｂelowtheSMLline,andmostarepositionedaroundtheUne Theoverallperfbrmanceissimilartothemarketasawhole．

－７６－

＋

ノーゲニチ

^耳 ^＋＋^＋ ^－Ｌ ^L十＋^＋

十

＋

Ｕ

＋＋＋

＋

＋＋

Ｉ

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(12)

ＡＣＯＭＰＡＲＩＳＯＮＯＦＴＨＥＳＥＣＵＲＩＴＩＥＳＭＡＲＫＥＴＳＩＮＪＡＰＡＮＡＮＤＴＨＥＵ・ＳＡ．

Figu正５．PerfOrmanceofU・SMutual

Funds(1945-1164）

尺 1．６１

●

副ＩＩＬ

● 副ＩＩＬ 1．３８ ●

●

識■）

1.15

●

0．９２

0．６９

●

●／●

0．４５ ●／●

●

０．２３

-0.00

0.000.30０．６００．９０１．２０１．５０１．８０

へ

Source：Ｍ､LJensen［19681 β

InsumtheperfOrmancesineachcountryarequitedifferent・But，ｉｎJapan，

competitionamonginvestmenttrustcompaniesarealsobecomingkeenintoday，s marketplacewhenthelevelofinterestratesareverylowandinvestorsaregetting

nervousaboutpoorinvestmentperfbrmance・Moreover，institutionalinvestorsare

studyingfinancialmanagementtheoryandarebeginningtotrytoapplythetheory

intherealfield．

３）TransactionsCosts

Oneofthemeasuresofmarketefficiencyisthetransactionscostslnvestors

mustgenerallypaythetransactionscosts，butthemoreeffIcientthemarketis,ｔｈｅｌｏｗｅｒｔｈｅｃｏｓｔｗｉＵｂｅ、And，ｔｈｅｌｏｗｅｒｔｈｅｃｏｓｔｉｓ，themorecompetitivefinancial

transferswillbeamongdealersandbrokers、

Ｆｏｒexample・ＩｎｔｈｅＵＳ・stockmarket，thebrokeragecommissionsystem

changedfromfixedratestonegotiablｅｒａｔｅｓｓｉｎｃｅｌ９７５・Theinnovationwasderived

frommstitutionalmvestorswhoheavilycompeteonthebasisoftheirperfbrmances andareverysensitivetotransactionscosts・Ｕｎｄｅｒｔｈｅｆixedcommissionsystem，

non-pricecompetitionsuchasfreeinfbrmationservices，becomestrongandinstitu- tionalinvestorsbegantodemandareductionofthecommissionrates(seefIgure6)．

Ｔｈｅｏｔｈｅｒｈａｎｄ，mJapan，thecommissionratessystemhasbeenrevisedseveral

times,butispresentlystillonafixedInJapan,institutionalinvestorshaveincreased

rapidlyasmtheUS.，butuntilrecentlytheyhavenotcompetedagainsteachother onthebasisofinvestmentperfbrmance、Institutionalinvestors（fInancialinstitu‐

－７７－

(13)

Figure6・Commission(Transaction)Fees(1987）

灯ｏｌ２

1.5

1.0 〒～ミ

0.5

０

0.5１２３４５１０３０５０１００５００１，OOO

Source：SumitomoBank

tions,industrialcompanies,etc.）havenotbroughtpressuretochangeｔｈｅｃｏｍｍｉｓ‐

sionsystemTheobjectiveofstockholdingsbyinstitutionalinvestorsisnottogeta goodperformancehFomthestockholdingsdirectly,buttokeepgoodrelationswith thecompanieswhoissuedthestocks・ｓｏ，thetransactionsvolumefbrinstitutional investorsexceptforinvestmenttrustsaresmallrelativetoi､dividualinvestorsQuite recently，thesituationhaschangedalittlebitandcompetitionamonginstitutional investorsincludingfOreignmvestorshasbeenstrongaccordingtointemationaliza- tionofJapanesesecuritiesmarket

MarketperfbrmancesfbrJapanandtheUS､aresignificantlydifferent・Theper- formanceisstronglyrelatedtothemarketstructure・Ｉｎｔｈｅｎｅｘｔｓｅｃｔｉｏｎ，wecom- parethemarketstructuresinbothcountries．

４MarketStructure-FunctionofMarket-Making l）LiquidityandMarketTypes

Themostimportantfunctionofasecuritiesmarketistoefflcientlyprovide liquidity・Ｓｉｍｐｌｙ，“liquidity,，isdefinedtomeanthattransactionａｒｅexecuted quicklyenoughtoavertanyrisksufferedbypricevolatility、ｓｏ，liquidityrequires lowtransactionscosts．Ｗｈａｔｋｉｎｄｓｏｆｍａｒｋｅｔｓｔｒｕｃｔｕｒｅａｒｅｎecessarytothisrequire-

ment、

Generally，marketsareclassifiedbythetypesofstructureasbeingeitherauction markets，dealersmarkets，brokersmarkets，ordirectmarketsWhydoseveralkinds ofmarkettypesexist？Markettypesdependonthequalityandquantityofthe securities・Qualityisdeterminedbythetermsorconditionsofissurancesuchasthe creditrating,thematurity,orthecouponrate､Quantityisdeterminedbytheissue volume，distributionofmvestors，turn-overratiooftransactions，etc・Comparing governmentbondswithcorporatebonds,thefbrmergenerallyhasbothbetterquaU‐

ｔｙａｎｄｔｈｅｏｕｔｓｔａｎｄｉｎｇｓａｍｏｕｎｔｓａｒｅsignificantlylarger，Inthissituation,agoverL mentbondisrelativelyeasytotrade、ｓｏ，transactionfeesandthewaitingtiｍｅｆｏｒ

－７８－

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ＡＣＯＭＰＡＲ１ＳＯＮＯＦＴＨＥＳＥＣＵＲＩＴＩＥＳＭＡＲＫＥＴＳＩＮＪＡＰＡＮＡＮＤＴＨＥＵＳＡ．

tradingfbrgovernmentbondsaresmallerthanfbrcorporatebonds、

Ｔｈｅｔｙｐｅｏｆｍａｒｋｅｔｓｉｓｃｈｏｏｓｅｎｔｏｍｉｎimizetransactionscostswhichinclude tradingfees，ｗａｉｔｍｇｔｉｍｅ，liquidityrisks，ａｎｄｓｏｏｎＦｏｒｅｘａｍｐｌｅ，iftradingorders continuouslyenterthemarket，andthereexistmanymarketparticipants，price informationspreadoutinaunifbrmftlshion，ｉｎｔｈｉｓｃａｓｅ，theauctionmarketisthe optimaltradingtypeJapanesestockmarketsarealmostatypeofauctionmarkets・

Ｏｎｔｈｅｏｔｈｅｒｈａｎｄｉｎａｄｅａｌｅｒｍａｒｋｅｔｏrbrokermarket，thereareagenciessuchas

dealersandbrokersthatprovideintermediationintradingTheseagenciesgiveprice informationtoinvestors，searchoutpotentialordersandplayanimportantrollin reahzingtradingordersDealersaretobedistinguishedfiPombrokerswhoactstrictly

asagentsfbrinvestorsanddonotassumeanyrisk・Dealerswhoholdinventoriescan

providehigherhquiditytoinvestors,ｂｕｔａｌｓｏａｓｓｕｍｅｓｏｍｅｒｉｓｋｆｒｏｍｐｒｉｃｅvolatility、

Therefbre，dealingcostsarehigherthanbrokeragecostsfbrsametrading、Ｔｈｅ

Ｊａｐａｎｅｓｅｂｏｎｄｍａｒｋｅｔｗｏｒｋｓａｓａdealermarket

Therearealargenumberofparticipantsactingtogetherｉｎｔｈｅｓｅｔｈｒｅｅｍａｒｋｅｔｓ

Ｏｎｔｈｅｏｔｈｅｒｈand，ｔheindividualsellersandbuyersnegotiatedirectlyin‘`direct

markets，，、Thistypeofmarketincludestheprivate-offeringbondmarket、

Liquidityisoneofthemostimportantcharacteristicsfbrsecurities，andthe degreeofliquidityisstronglyrelatedtothevalueofaparticularsecuritylnrecent

Japanesegovernmentbondsmarket，yieldspreadbetweenbench-markanｄｏｔｈｅｒ

ｂｏｎｄｓｗｈｉｃｈｈａｖｅａｌｍｏｓｔｔｈｅｓａｍｅｉｓｓｕｅｃｏｎｄｉｔｉｏｎｓａｓｔｈｅｂｅｎｃｈ－ｍａｒｋｂｏｎｄ，have beenquitebig,ｓｏｍｅｔｉｍｅｓａｓｍｕｃｈａｓＯ､７－０．８％､Thetradingshareofthebench-

markgovemmentbondoccupiesmorethan９０％ｏｆｔｈｅｗｈｏｌｅｂｏｎｄｍａrketandthe

liquidityisveryhigh、Therefbre，thebench-markbondisvaluableandthepriceis

relativelyhighNext，weconsidertherelationshipbetweenmarketstructureand liquidity．

２）Market-Making

Theidealizedauctionmarketistypicallyconsideredaperfbctmarket，which hashighliquidity、Ｉｎｔｈｉｓｍａｒｋｅｔ，ｔｈｅｒｅｉｓｎｏｎｅｅｄｆｏｒａｎｙｉｎｔｅｒｍｅｄｉａｒytomatch buyandsellorders・Ｂｕｔｉｎｔｈｅｒｅａｌｗｏｒｌｄ，manymarketsdonothaveenoughliquidi- ty・ｓｏ，theexistanceofintermediariesresultsinmorerapidtradingOnekindof intermediaryisamarket-maker（dealer）whohasmventoriesofsecurities,money ｏｎｈｉｓｏｗｎａｃｃｏｕｎｔａｎｄｃａｎｒｅａｃｔｔｏｏｒdersofhiscustomersimmediately、Market- makersbeartheriskofpricechangesandtakeinterestcoststofacilitatequicktrad- ing、Ｔｈｅcustomerspayfeesfbrtheliquiditywhichisgivenbymarket-maker・The market-makingsystemisconsideredadequate,ifthemarket-makercanprovidehigh

liquidityconsideringthefees(costs)．

Ｍｏｒｅover，ｔｈｅｍarket-makingsystemcanprovideｐｒｉｃｅｉｎｆｏｒｍａｔｉｏｎｔｏｔｈｅｐｕｂ－

ｌｉｃ・ＴｈｉｓｉｓｂｅｃａｕｓｅｔｈｅｍａｒｋｅｔｍａｋｅｒｉｓｏｂＵｇａｔｅｄｔｏｑｕｏｔｅｂｉｄａｎｄａｓｋｅｄｐｒｉｃｅsfor hisspecifIcsecurities,ａｎｄｔｏａｎｎｏｕｎｃｅｔｈｅｔｒａｄｉｎｇａｍｏｕｎｔ．

３）Dealers，BehaviorandMarketStructures (1)ＢｉｄａｎｄＡｓｋＳｐｒｅａｄ

Ｔｈｅｄｅａｌｅｒｅａｍｓｉｎｃｏｍｅｂｙｐｕｒｃｈａｓｉｎｇｓｈａｒｅｓａｔｔｈｅｂｉｄprice,Ｐｂ，usuallybelow the“true,，price，ＰＧ，ａｎｄbysellingsharesattheaskprice,Ｐ｡，usuallyabovethe

－７９－

(15)

"true，,Price・SPreadsbetweenbidpricesandaskpricesprovidecompensationfbr

thedealersandarecostsfbrinvestors、

Here，weconsiderhowspreadsaredetermined・AdealerholdswealthWatthe beginningofthePeriodandselectstheoptimalportfbliofbrhimselfMoreover,he

takesaPositionfordealingortrading，ａｓｓｕｍｅｔｈａｔｔｈｅｃｏｓｔｏｆｂｏＩＴｏｗｉｎｇmoneyto

purchasesecuritiesfrominvestorsandthelendingratefbｒｍｏｎｅｙｔｏｓｅＵｈｉｓｓｅｃｕｒｉ－

ｔｉｅｓａｒｅequal，ｊＴｈｅｄｅａｌｅｒｃａｎｎｏｔａｌｗａｙｓｈｏｌｄｈｉｓｏptimalportfblio，becausehe mustreacttohiscustomer，sorders・WhenthedifTerence（loss）homhisoptimal PortfolioiscomPenｓａｔｅｄｆｂｒｉｂｅｓｐａｉｄｂｙｔｈｅcustomers，thedealersystemiseffI-

cient．

｡.t基悪闘:淫islh1MPchisth……r[h…'………riiw…i，

卜芋Ⅲ受動州’

here,Ｐ/,andBbarethequotedsellingandbuyingPricesofthedealer,andBeis

theequiUbriumpriceexpectedbythedealer・Zreflectsthepreferencesofthedealer・

o2isvarianceofthereturnof/thsecurity,andＱ/isthetradingquantityattime・

Finally,７７istheperiodinvestment・

Ｗｅｃａｎｄｅｒｉｖｅｓｅｖeralrelationshipsfromthisfbrmulation・Forexamplethe spreadiswider，thelargerthevarianceis，ｔｈｅｂｉｇｇｅｒｔｈｅｔｒａｄｉｎｇａｍｏｕｎｔｉｓａｎｄthe higherthemterestrateisMoreover，thespreadiswider，thehigherdegreeofrisk aversionfordealersandthehigheristheratio,Ｑ/Plﾉ.Finallythespreadiswiderfbr alongerinvestmentperiod．

(2)DealerMarketamdlnteﾄDealerMarket

Undercompetition，newdealerswillwanttoentermarketsaslongasspreadsare largerthandealingcosts・Ａｔｓａｍｅｔｉｍｅ，investorslookfbrandworkwiththedealer whoquotesthebestprices，ｔｈｅｌｏｗｅｓｔａｓｋｐｒｉｃｅａｎｄｔｈｅｈｉｇｈｅｓｔbidprice、Under thissituation,ｓpreadsarereduceduntilspreadsequaltodealingcosts・

Undercompetition,dealerswanttoreducedealingcosts・Oneofmethodstosave dealingcostsistouseinter-dealermarkets・Dealersbuyandsellthroughinter-dealer marketsThcrefbre，ｄｅａｌｅｒｓｃａｎｓａｖｅｏｎｔｈｅｃｏｓｔｓｏｆｉｎｖｅntoriesofsecuritiesfor deaUngandescapeopportunitycostsincludingtherisksofpriceChanging．

４．ＡComparisonoftheSecuritiesMarketStructuresbetweenJapanandtheU.Ｓ､Ａ，

Inthischapter，wecomparethestructureofsecuritiesmarketsfbrbothcoun‐

triesbyexaminingtheftInctionofmarket-makinglnparticular,ｗｅｃａｎｂｅｔｔｅｒｃｏｎ‐

siderthecharacteristicsoftheJapanesemarketstructurebyexaminingtheexistence oftheNASDAQandthejunkbondsmarketintheUS．

1）Over迄the-CounterStockMarket

Stockswhｉｃｈｃａｎｎｏｔｂｅｌｉｓｔｅｄｏｎｅｘｃｈａｎｇｅｓａｒetradedontheover-the-counter‐

－８０－

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ＡＣＯＭＰＡＲＩＳＯＮＯＦＴＨＥＳＥＣＵＲＩＴＩＥＳＭＡＲＫＥＴＳ１ＮＪＡＰＡＮＡＮＤＴＨＥＵＳ.Ａ、

market・Thestockstradingontheover-the-counter-marketaredifTiculttomarket，

relativetothelistedstocks,becausetheiroutstandingvolumesａｒｅｓｍａｌｌａｎｄｔｈｅｙｄｏｎｏｔｈａｖｅａｎｏｔａｂlefirms，ｎａｍｅ・Therefbre，theover-the-counter-marketistypically

adealermarket

lntheU､Sstockmarket，ｓｏ、anystocksaretradedontheover-the-counter- marketandtheoveかthe-counter-marketisquiteactive・Theactivityincreased,ａｆｔｅｒｔｈｅＮＡＳＤＡＱ（NationalAssociationSystemofDealersAutomatedQuotation）was builtupPricemfOrmationcanbedisseminatedveryquicklythroughtheNASDAQ・

Thisdevelopmentdependsontheevolutionofcomputers・Dealersannounceprice quotationsfbrstocksregisteredontheNASDAQInvestorswatchthepriceinforma‐

tionandcanrecognizethebestprice・Ｎｏｗ,morethan4000stocksareregistereｄｏｎｔｈｅＮＡＳＤＡＱＴｈｅｍａｒｋｅｔｖａｌｕｅｏｆｔｈeoutstandingissuesandtheirtradingvalue haverespectivelyaboutl４％ａｎｄ16％ｏｆｔｈｅｃｏｍｐａｒａｂｌｅｒａｔｉｏｏｎｔｈｅＮＹＳＥＭore importantly,thegrowthofthemarketis53timesfoｒｔｈｅＮＡSDAQasagamst3・s timesfbrtheNYSEduringthemostrecentfiveyearperiod

Ontheotherｈａｎｄ，theweightoftheover-the-counter-marketisverysmallin theJapanesestockmarket・Atfirst,thefimctionoftheover-the-countelLmarketwas totradestocksdelistedfiPomthestockexchangethefunctionofsupplyingventure capitalwasnotimportant・Themainpurposeintheadministrationofastockmarket istoprotectinvestors，sothesecuritiesadministrationdidnotdevelopinapositive

fashionthefunctionoftheover-the-countermarket，

Butstepshavebeentakenrecentlytostrengthenthefimctionofthemarketfbr

tradingmsecuritiesandfbrraisingfilndsbyofferingnewsharespursuanttothe proposalsmadebytheSecuritiesExchangeCouncilinJunel983､Quiterecently，

morethan30stockswereregisteredontheoveFthe-counter-marketeachyear,but

themarketscaleisstillverysmallcomparedwiththeNASDAQ．

Ｚ）TheCorporateBondMarket

Consideringthecorporatebondmarket，theJapanesemarketisquitedif化rent fipomthatoftheU・ＳＯｎｅｏｆｒｅａｓｏｎｓｉｓｄｅｒｉｖｅｄｆｉＰｏｍｔｈｅstructureofthecorporate issuesmarket、ＩｎｔｈｅＵ.Ｓ､，theissuingtermsandconditionsaredeterminedby severalcreditratingagencieswhichareprivateinstitutionsandcompetewitheach other・Ｆｉｒｍscanissuetheirowncorporatebondsintheordinarybondmarketif theyhaveacreditrankingofmorethanBB(bb).Theycanissuebondsmtheツunk bond，，market，ｉｆｔｈｅｙｃａｎｎｏｔｇｅｔａｒａｎｋｈｉｇｈｅｒｔｈａｎＢＢＪｕｎｋｂｏｎｄｓｏｒ``highyield bond，，，provideahighreturnincompensationfbracceptingahigherriskJunk bｏｎｄｓａｒｅａｂｌｅｔｏｂｅｉｓｓｕｅｄａｓｔｈｅｙｈａｖeconsiderableliquidity,Theliquidityissup‐

pUedbymarket-makerswhicharemostlysecuritiescompaniesthatunderwritejunk

bondissues、

IntheJapanesecorporateissuesmarket，theprincipleofobtainingsecuritycor- poratebondissueshasbecomeanestablishedpracticeSo，onlyaverylimitednum-

beroffirmscouldissuebonds,ａｎｄｍｏｓｔｆｉｒｍｓｗｅｒｅｓｈｕｔｏｕｔｏｆｔｈｅｂｏｎｄmarket・

Moreover，theissuingtermsandconditionsdidnotreflectthepricesdetermmed bythesecondarybondmarket､ThissituationresultsfiPomthesecondarymarketnot beingactive・Ｔｈｅｒｅａｓｏｎｆｂｒｔｈｉｓｉｓｔｈａｔｔｈｅｉｓｓｕｅvolumesarequitelimitedanduntil recentlymarket-makingsystemdidnotexistuntilrecently・Ｓｏ，thenquidityof

－８１－

(17)

corporatebondsisgenerallyverylｏｗａｎｄｔｈｅｙａｒｅｎｏｔｅａｓｙｔｏｔｒａｄｅ・

Intherecentpast,theJapanesecorporatebondsystemhasjustbeguntochange・

Ｎｏｗ，therearethreeJapanesecreditratmgagenciesandtwofOreignratingagencies andamarket-makingsystemforcorporatebondshasjuststartedup．

3）TheInterDealerMarket

NihonSogoSecuritiesCompany（BB）andtheBlockTradingSystemofthe StockExchangeworkasinter-dealermarkets・Specifically，thelatter，whichwas introducedinl978tosmoothlytradetheincreasingnumberofgovernmentbonds，

isamarketfbrgovernmentbondsandisonlyavailablefbrsecuritiesCompanies・

BBwasestabhshedbythebigfoursecuritiescompaniesasthecentralfigureinthe inter-dealermarketinl973andhasfunctionedillpartbybondinventoriesforthe securitiescompanies，

Thebankingmstitutionswerethinkingofcreatinginter-dealermarketwhen theirdealinginpublicbondsｓｔａｒｔｅｄｉｎＪｕｎｅｌ９８４Ｂｕｔ，flnallythebankinginstitu‐

tionsjoinedtheBBinaccordancewiththewishesoftheSecuritiesAdministration Agency・Thetransactions化ｅｓｏｆｔｈｅＢＢａｎｄｔｈｅｅｘｃｈａｎｇｅａｒｅｆＩｘｅdSometimesthe feechangesfbrboththeinter-dealermarketsatthesametimefbllowingtheguid- anceoftheAdministrationＡｇｅｎｃｙ

Ｏｎｔｈｅｏｔｈｅｒｈａｎｄ，ｉｎｔｈｅＵ・Sbondmarket，inter-dealermarketsarecon‐

structedastheoccasiondemandsinavoluntaryfashionForexample，thereare severalinter-dealermarketsmthegovernmentbondmarketanｄｔｈｅｒｅｉｓｃｏｍｐｅｔｉ－

ｔｉｏｎａｍｏｎｇｔｈｅｄifferentinter-dealermarketsTherefbre,ｔｈｅｔransactionfeeisdeter‐

minedfipeely・Theexistenceandthenumbersofinter-dealermarketsdependonthe

structureofeachsecuritiesmarket．

6．Conclusion-TheFumreoftheJapaneseSecuritiesMarkets．

WhydoesastrongdifferenceofstructurefbrsecuritiesmarketsexistｂｅｔｗｅｅｎＪａｐａｎａｎｄｔｈｅＵＳ、

Ｔｈｅｆｉｒｓｔｒｅａｓｏｎｉｓｔｈｅｄｅｇｒｅｅｏｆｍａｔurityfbrthesecuritiesmarkets・ＩｎｔｈｅＵ.Ｓ､，

thefinancialsystemhasbeenhistoricallymarket-oriented,ａｓｄｅｓｃｒｉｂｅｄｉｎｓｅｃｔｉｏｎＬＴｈｅＵＳ・securitiesmarketshavehadmuchexperimenceinhowtomakemarkets・

Ｏｎｔｈｅｏｔｈｅｒｈａｎｄ,amarket-orientedsystemjustisaratherrecentdevelopmentm

Japan・Ｗｅｄｏｎｏｔｈａｖｅｅｎｏｕｇｈｅｘｐｅｒｉｅｎｃｅｔｏｄevelopaproperlyfilnctioningmarket・

ket・

Ｓｅｃｏｎｄ，therewereinterestrateregulationsandcreditrationingafterworldｗａｒｌＬＴｈｉｓｐｏhcywassupportedbytheindirectfinancialsystemthatwassuccessfully toreconstructedtheJapaneseeconomy・After１９７５，thelarge-scalenotationsof govemｍｅｎｔｂｏｎｄｓ，thataccompaniedtheshifttolowgrｏｗｔｈｆｂｒｔｈｅｅｃｏｎｏｍｙ，

requiredfinancialrefbrmButtheregulatoryagencyadjustedtothenewfinancial situationonlywithalaｇ

Ｔｈｉｒｄ，ｔｈｅｒｅａｒｅｎｏｔａｎｙ“true，，institutionalinvestorsexceptmutualfunds、

InstitutionalizationofthesecuritiesmarketsinJapanisdifferentｆｒｏｍｔｈａｔｉｎｔｈｅ

ＵＳ．

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