Competition in Japan's Securities Industry: A Historical Overview

Abstract

In response to changes in the financial environment surrounding the securities market and the securities industry, the competitive relationship and market structure of the securities industry in postwar Japan have experienced several drastic changes. Confining our focus to the period up to the first half of the 1980s, we can identify four distinct phases: 1. The latter half of the 1950s to the beginning of the 1960s: growth of the securities market and entrenchment of the four major company regime.