Japan's mature futures and options market has not kept up with the rest of Asia and 2008 was a particularly dire year. Exchanges have also suffered badly due to the credit and regulation. However, the country's exchanges are investing in new technology and fighting hard to attract international traders. Agnieszka Troszkiewicz reports.
Just last October, at the start of the financial crisis, it looked like Japan would be less affected by the global financial crisis than many other developed countries.
Japanese banks had learnt lessons from previous downturns. They were well capitalised. And, more importantly, had not loaded their balance sheets with toxic asset backed securities. Consumers had been prudent and saved rather than recklessly borrowing. Companies were seen to be more efficient and well positioned.
The same was true for Osaka Securities Exchange. Osaka’s total 2008 volume amounted to 163.69m contracts — a 50% rise from 108.92m in 2007....