Tokyo foreign exchange market - History
Tokyo foreign exchange market, Japan's strict foreign exchange controls over the past 50 years, the gradual relaxation of exchange controls. Since the 1970s, the Tokyo foreign exchange market has made significant progress, more diversified business, involving very different with the previous range. But still not like London and New York foreign exchange market as a truly international financial markets, but a regional foreign exchange market. This is because Japan is an export trade, accounting for a larger proportion of the national economy, its foreign exchange fluctuations affect the entire national economy is huge, if the foreign exchange shortage phenomenon occurs, it will lead to increased foreign exchange rates, the yen fell, with domestic prices the rising danger. Japanese Government to prevent exchange rate fluctuations, had to take certain measures to intervene in the market, which is the balance of the Japanese foreign exchange market management.
Since the 1980s, the Japanese government to try to make internationalization of the yen, Tokyo foreign exchange market to get rid of the fetters of regional restrictions, so that in the world economy with Japan's position of strength to adapt to change in 1980, the early post-war development of the "trade and the foreign Exchange Management Act, "approved by the Government to change the past, only the foreign exchange banks and brokers to the provisions of foreign exchange business, all banks are available in the domestic foreign exchange business. Therefore, the foreign exchange market has developed quite rapidly, and the New York foreign exchange market is the gap getting smaller and smaller.
Tokyo foreign exchange market - composition
Tokyo foreign exchange market foreign exchange traders are banks, foreign economic operators, non-bank customers and the Bank of Japan. Tokyo foreign exchange market trading single varieties, mainly the U.S. dollar / yen, euro / yen. In the transaction, the general market relatively flat, but we deal in the future, we must pay attention to the role of speculation Japanese exporters, and sometimes because of speculation Japanese exporters, the yen appeared in the foreign exchange fluctuations.
Tokyo foreign exchange market - Trading characteristics
Tokyo foreign exchange market trading single currency is more, the largest on the market is still trading the yen dollar exchange trading, this is because the majority of Japanese trade dollar-denominated Japanese assets in U.S. dollar assets, mostly overseas. After the slow growth of the U.S. economy, the yen fell against the dollar increase in the trading, the yen against the euro, trading volume increased significantly.
Japan is a typical export processing country, so Tokyo market is subject to collection and payment of import and export trade a greater impact. That the market has obvious seasonal characteristics. Also used in the Japanese business community during the late settlement and clearing business, spend more time focused on the export swaps.
Tokyo foreign exchange market - trading
Tokyo Tokyo foreign exchange market foreign exchange trading foreign exchange market can be divided into three types:
(1) spot foreign exchange transactions between banks and their customers
(2) foreign exchange transactions between banks
(3) domestic banks and foreign exchange transactions between banks;
Delivery period to the foreign exchange division, is divided into spot transactions, forward transactions and swaps.
Tokyo foreign exchange market, interbank foreign exchange transactions by foreign exchange brokers, you can also directly. Japan's domestic enterprises and individuals to trade foreign exchange through designated foreign exchange banks must be.
According to data from the Bank of Japan, Tokyo, Japan, in 2007 the average daily foreign exchange market turnover exceeded 12 billion U.S. dollars, marking the highest level since 1998.
Tokyo foreign exchange market - the exchange rate
First, the listing exchange, including interest rate risk, fees and other exchange rate. 10 am every business day around the banks to the inter-bank market, the real exchange rate as a benchmark of their listing, in principle, the same change of business not listed on the Japan-China exchange rate.
Second, the market exchange rate linked to the inter-bank market, the real exchange rate as a benchmark price.
