Part 1 of ebook Bank performance, risk and firm financing provides readers with contents including: bank size, market power and financial stability; bank risk and analysts’ forecasts; foreign banks in central Eastern Europe; financial crisis and bank profitability; asset backed securitization and financial stability;... Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 PART II 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 Financial centers in East Asia pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju Tokyo financial market as a financial center in East Asia y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q Eiji Ogawa l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p INTRODUCTION 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 q0 nf Our experience of the Asian currency and financial crises in 1997 teaches us that it is important for East Asian countries to make direct linkages between plenty of savings and prospective investment chances within the East Asian region and to pool liquidity of the financial markets in East Asian countries For this purpose, East Asian countries should create and develop regional bond markets in the East Asian region as well as local bond markets in each of East Asian countries Especially for regional bond markets, current international financial centers in East Asia are expected to activate capital and money flows within the East Asian region Moreover, cooperation among the international financial centers in the East Asian region would help to develop the regional bond markets and, in turn, make direct linkages between savings and investments within the East Asian region The Tokyo financial market is expected to play a central role as a regional financial center in developing regional bond markets The Tokyo financial market was said to be one of the three major international financial centers in the world economy because it could compete with London and New York financial centers However, it is difficult to deny that the Tokyo financial market has seen its position decline not only in quantitative terms but also in qualitative terms in recent years This chapter considers the current position of the Tokyo financial market among the international financial centers and regional financial centers in East Asia In section we consider the historical background by focusing on the internationalization of several financial markets in Japan In the section we survey the current status of the Tokyo financial market from a viewpoint of an international and regional financial center The section evaluates the role of the Tokyo financial market as an international and regional financial center by focusing on access of foreigners to Japan’s financial markets and hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 167 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 168 0e nl z5 e 6c jtw w0 a r1 a2 m Financial centers in East Asia 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep to the securities settlement systems in Japan In conclusion, we show future prospects of the Tokyo financial market as an international and regional financial center d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k z6 HISTORICAL BACKGROUND 3j ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 In Japan, financial markets and the financial system have been gradually internationalized since the 1980s through two major events: external pressure (‘Gaiatsu’ in Japanese) from the United States government in the first half of the 1980s and the Japanese Big Bang in the latter half of the 1990s in a situation of the Japanese financial crisis Japanese financial markets have been internationalized since 1985 when the Japan–U.S Ad Hoc Group on the Yen/Dollar Exchange Rate, Financial and Capital Market Issues (the Japan–U.S Yen/Dollar Committee) suggested the necessity to internationalize the Tokyo financial market as well as the Japanese yen According to the Committee’s suggestion, the Japanese government made an effort to internationalize the financial system in Japan For example, in 1986, the government established the Japan Offshore Market, where non-residents are allowed to conduct international financial transactions freely As a result, it has become easier for non-residents to gain access to domestic financial markets in Japan In addition, the Japanese government has increased access of foreign financial institutions to the Japanese financial markets The first foreign security companies acquired Tokyo Stock Exchange membership in 1986 The Japanese government commenced the Financial System Reform, the so-called ‘Japanese Big Bang,’ in November 1996 under the three principles of ‘Free, Fair, and Global,’ aiming to rebuild the Japanese financial markets into an international market comparable to the New York and London markets As the first step, the revised Foreign Exchange Law was changed to totally liberalize cross-border transactions in April 1998 Other measures to deregulate domestic financial markets have been taken in order to realize the Japanese Big Bang The Council on Foreign Exchange and Other Transactions of the Ministry of Finance suggested some measures for the internationalization of the Japanese yen in April 1999 These included exempting non-residents and foreign corporations from tax on the interest from interest-bearing Japanese government bonds Also, in 2003, the Study Group of the Promotion of Internationalization of the Yen suggested some measures to extend corporate bonds to foreign private firms and allow market participants to trade derivatives transactions in the Japan Offshore Market to activate it further 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p 169 p frb Tokyo financial market as a financial center in East Asia 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a We briefly look at history of deregulating money markets, bond markets, the Japan Offshore Market, access of foreign financial institutions and foreign firms to domestic financial markets, and the Japanese Big Bang fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq Money Markets rv 2.1 ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx 2.1.1 CP market Domestic Commercial Paper (CP) market was established in November 1987 At the same time, the restriction prohibiting the holding of euro-yen CPs by non-residents was lifted The domestic CP market was reconsidered in order to develop it further In December 1988, rating of CPs was introduced and the variety of maturities was increased Domestic security companies, non-banks, and insurance companies were allowed to issue their CPs in the first half of the 1990s Foreign security companies were allowed to issue their CPs in the Japanese CP market in March 1995 In April 1996, eligibility requirements for issuing CPs, which included listing conditions, were virtually abolished l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf 8h yx 2.1.2 TB market The first Treasury Bill (TB) was issued in February 1986 At the time, the period of redemption was six months The first TB was traded in blocks of 100 million yen In August 1987, a system of refunding withholding tax at acquisition was introduced for foreign central banks Moreover, tax exemption on return of TB in redemption was introduced for foreign companies in April 1992 w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge i1 bx 2e 34 u6 ah sd b4 Futures Markets 56 2.2 ci ky l5 uu vf or wr ln bt x su 7li g3 kc w0 m m Futures of long-term government bonds were started in the Tokyo Stock Exchange in October 1985 and futures for stock price index in September 1988 The Tokyo International Financial Futures Exchange (TIFFE) was established in April 1989 Afterward a variety of future and option transactions were started in the Tokyo Stock Exchange and the Osaka Securities Exchanges and the TIFFE sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 3k s9 m hb 2t qc d6 0h Bond Markets 4w 0ư 2.3 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 In December 1984, the position of lead manager for the yen-dominated Eurobonds was opened to foreign financial institutions In April 1985, the withholding taxes on yen-dominated Eurobonds issued by residents were abolished The guidelines for issuance of yen-dominated Eurobonds by residents were also relaxed It meant a comprehensive shift to using rating to determine eligibility for issuing bonds 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 170 0e nl z5 e 6c jtw w0 a r1 a2 m Financial centers in East Asia 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp In June 1989, regulations regarding eligibility requirements for issuing the yen-dominated Eurobonds by non-residents were moderated further Rating was no longer required for issuing them The restriction which prohibited the holding of the yen-dominated Eurobonds by non-residents was lifted for bonds with maturities of less than four years Recycling restrictions on yen-dominated sovereign Eurobonds issued by non-residents were abolished in January 1994 Recycling restrictions on the yen-dominated Eurobonds, which include corporate bonds as well as sovereign bonds, issued by non-residents were completely abolished in August 1995 In January 1996, eligibility requirements for issuing domestic bonds by nonresidents were eliminated Obligations to set up eligibility requirements for issuing bonds and financial restriction clauses were removed at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 21 Japan Offshore Market hy ge 57 ưy n5 0j 2n q ưa im m bn 2.4 xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 The Japan Offshore Market was established in December 1986 in order to develop Japanese financial markets as an international financial center from the perspective of internationalizing Japanese financial and capital markets Some financial and tax measures have been taken concerning financial transactions in the Japan Offshore Market while the financial transactions have been insulated from other domestic financial transactions In the Japan Offshore Market, banks, as a rule, finance money from foreign countries and lend it to foreign countries Financial transactions in the Japan Offshore Market are not subject to interest rate regulations, deposit insurance, and reserve deposit requirement As for interest, withholding income taxes and corporate taxes are exempt Both the assets and the liabilities of the offshore Market have decreased in recent years Its total asset amounts to 47.6 trillion yen while its total liabilities amount to 33.3 trillion yen in the end of November 2002 About 91 percent of the total assets (43.1 trillion yen) are held by non-residents while about 87 percent of the total liabilities (28.9 trillion yen) are owned by non-residents A share of yen-denominated assets has been larger than that of foreign currency denominated assets over time although the share of yen-denominated assets has decreased since 1999 On the other hand, a share of yen-denominated liabilities has been steadily smaller than that of foreign currency denominated liabilities 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o 2.5 Access of Foreign Financial Institutions to Domestic Financial Markets td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib Six foreign security companies first acquired Tokyo Stock Exchange membership in February 1986 Since then the number of foreign security 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p 171 p frb Tokyo financial market as a financial center in East Asia 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a companies who have acquired membership has increased In October 1988 foreign financial institutions were allowed to increase their share of underwriting syndicates for the issue of Japanese government bonds fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv Access of Foreign Firms to Domestic Capital Market ju y1 go m rz z ac ah f9 i8k 2.6 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx n0 l4 The first six foreign companies were listed in the Tokyo Stock Exchange in December 1973 The first yen denominated foreign bond, called the Samurai Bond, was issued by the Asian Development Bank in 1970 The first foreign currency-denominated foreign bond, called the Shogun Bond, was issued in the Tokyo financial market by the World Bank in August 1985 In December 1991, the Osaka Securities Exchange introduced a country fund market for foreign investment companies In January 1995, the Tokyo Stock Exchange relaxed conditions for listing stocks of foreign companies and decreased the fees involved In February 1996, regulations on short sells in foreign stock market in the Tokyo Stock Exchange were removed jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n l5 ưf yx 8h w xlj 7j h6 Japanese Big Bang wr 2.7 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 The Japanese government has promoted a financial system reform, which is called the ‘Japanese Big Bang’ (Financial Service Agency 2000), in order to make the Japanese financial sector efficient and competitive This commenced in November 1996 under the three principles of ‘Free, Fair, and Global’ The revised Foreign Exchange Law was changed to totally liberalize cross-border transactions in April 1998 Then, the Financial System Reform Law, a package of revisions of laws including the Banking Law, the Securities and Exchange Law, and the Insurance Business Law, which were required to implement the Financial System Reform, was enforced in December 1998 Almost all measures were already implemented First, the means of asset management were improved, including the introduction of new investment trusts and over-the-counter sales of shares of investment trusts by banks and other financial institutions, and full liberalization of dealings in securities derivatives Second, efforts were made to provide attractive services through vital intermediary activities, such as promoting entry of banks, securities companies and insurance companies into each other’s business, switching of participation regulation from the licensing system to a registration system for securities companies, liberalizing cross-border capital transactions and foreign exchange business, and fully liberalizing brokerage commissions Third, diversified markets and channels for financing were created by abolishing the requirements to trade stocks only through the stock exchanges and introducing proprietary trading system (electronic trading systems) ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 172 0e nl z5 e 6c jtw w0 a r1 a2 m Financial centers in East Asia 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp The Tokyo Stock Exchange established a new market for promising startups, so-called Mothers (market of high growth and emerging stocks), in November 1999, and the Osaka Securities Exchange established the NASDAQ Japan stock market in June 2000 Fourth, a framework for reliable trading was established by improving the disclosure system, setting up fair trading rules, such as stricter insider trading control, and protecting customers in times of failure of financial institutions at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t Report of the Council on Foreign Exchange and Other Transactions lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 2.8 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc 65 s7 The Council on Foreign Exchange and Other Transactions of the Ministry of Finance suggested some measures for internationalization of the Japanese yen in 1999 These included the initiation of FB issuance via competitive price auctions, exempting withholding tax on original issue discounts for Japanese Government bills (TBs and FBs) as well as exempting non-residents and foreign corporations from tax on the interest from interest-bearing Japanese government bonds Particular importance was assigned to measures for increasing market depth in the short-term financial markets and arrangements for facilitating investment in Japanese government bonds by foreign investors The Japanese government announced measures outlined below, and implemented necessary arrangements in legal and other frameworks (Council on Foreign Exchange and Other Transactions 1999) 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl 2.8.1 A competitive price auction of FBs begins in April 1999 Original issue discounts for TBs and FBs issued on or after April 1999 which satisfy some requirements, including registration of all bonds in the Bank of Japan (BOJ) bank-entry system at the time of their issuance, are exempt from withholding taxes at the time of issuance, and foreign corporation shall, in principle, be exempt from taxes on original issue discounts for such bonds fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 Interest income of non-residents and foreign corporations accrued from interest-bearing Japanese government bonds which satisfy some requirements, including registration in the BOJ book-entry system, and whose period for interest calculation begins on or after September 1999 are exempt from withholding taxes on interest ho e3 fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn ir rz h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 CURRENT STATUS OF THE TOKYO FINANCIAL MARKETS e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib We survey the current status of the Tokyo financial markets from the perspective of a international and regional financial center We focus on 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p 173 p frb Tokyo financial market as a financial center in East Asia 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a inward and outward portfolio investments of Japan, especially inward and outward investments in stocks and bonds Next, we look at the current status of the Tokyo financial market as foreign companies’ financing function We refer also on the yen–denominated foreign bond (Samurai Bond) and the foreign currency- denominated bond (Shogun Bond) fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx n0 Banking l4 jư cy dx z5 zu p2 g3 ưt 3.1 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou Banks have been playing a central role in financial intermediation in Japan Indirect finance has placed a larger weight than direct finance in Japan Banks in particular, have the largest weight in the indirect finance Almost all Japanese firms used to depend on bank loans However, larger firms have now developed away from bank loans toward financing by issuing their own bonds Table 7.1 shows bank loans outstanding at the end of 2002 The total was 402 trillion yen with a GDP ratio of 0.80 Banks categorized as city banks have the largest share (53.1 percent) in bank loans in Japan Foreign banks in Japan had trillion yen of loans This share was no more than 2.2 percent Foreign banks are, as a rule, free to establish branches in Japan because the Japanese government has deregulated the establishment of branches of banks However, some foreign banks have withdrawn from Japanese markets in recent years because of the country’s prolonged recession 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm Stock Market a4 wv zư bh 70 ji zo lh 6t dl 3.2 fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d 19 l7 Capitalization has made progress since pre-World War II However, it is characteristic that individual investors have decreased while institutional 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ch uh ff f0 7h ak p0 f yu jsc jle Bank loans outstanding (end 2002) ib Table 7.1 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 Loans and bills discounted oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ir rz h4 ư1 100.0 hn 402 063 vư Total ce 53.1 33.7 11.0 2.2 hi 213 504 135 496 44 193 8870 cv City banks Regional banks Regional banks II* Foreign banks in Japan GDP ratio bm Share (%) ty Billion yen ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 0.43 0.27 0.09 0.02 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg 0.80 q2 3q v l0b lie 8s i dh u3 52 b5 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư Note: * Includes the banks that used to be so-called mutual banks bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 Source: Bank of Japan ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy 9h r 1s rj ưv tsw ue 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 174 0e nl z5 e 6c jtw w0 a r1 a2 m Financial centers in East Asia 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp investors, largely life insurance companies and pension funds, have increased since World War II Market values of the Tokyo Stock Exchange (both the first and second sections) amount to about 230 trillion yen as at 13 March 2003 as shown in Tables 7.2a and 7.2b (Stocks traded in the first section must meet stricter criteria, such as total market capitalization and net profits, than the second section.) Its GDP ratio is 0.459 The Tokyo Stock Exchange (both the first and second sections) had about 493 trillion yen of trading values in 13 March 2003 Figure 7.1 shows the financial assets of households in Japan Japanese households invest in bonds and stocks with small shares but only on a small scale, holding more than half their financial assets in the form of cash and deposits In addition, they hold a relatively larger share in the form of insurance and pensions Figure 7.2 shows the percentage distribution of market value owned by types of shareholder in stock exchanges in Japan Financial institutions have steadily acquired the largest percentage (around 40 percent) Foreigners’ shareholdings have increased since 1990, approaching a level of approximately 20 percent in 2001 at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om Market values of stock exchanges (13 March 2003) 94 2x 1f 62 ưn 7t 9b 9n p6 u3 Table 7.2a fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh m bk GDP ratio (%) d Absolute amounts (billion yen) b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 225 612 Total 229 674 0.451 wl vg Tokyo Stock Exchange (1st section) Tokyo Stock Exchange (2nd section) 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 0.008 u6 ah 062 sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob 0.459 pn eo lc 08 nz cw ib zx ch uh ff f0 7h ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 e3 ho Table 7.2b Trading values of stock exchanges (13 March 2003) fo 09 oo 0o 9lj y7 gc e6 vs i0 t e6 iz5 kh z 5q m ty bm cv ce hi vư hn rz ir Absolute amounts (billion yen) h4 ư1 ob q4 d0 fb hd pv lg 8k 1k 2d 4w 0ư hb 489 981 Total 492 833 3k s9 m Tokyo Stock Exchange (1st section) Tokyo Stock Exchange (2nd section) Foreign section 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa xl yq fk 33 0q l6 7k xư hu ts 5d va b5 635 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q v l0b lie 8s i dh u3 52 b5 217 2f st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz 4u ib 4u aư bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f Source: Tokyo Stock Exchange n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 9c 78 m ci nq s jf0 0n hy