Abstract
This paper discusses matters of economic interest related to the Japanese equity market. Among other things, it emphasizes the futures market in shares of the companies that managed the stock exchanges as an important element of the pre-WWII market; the ‘stock market crisis’ of 1965 as an event that conditioned the subsequent course of public policy and institutional developments; the zaraba (continuous auction) method as the microstructure of the exchanges; and the uneven distribution of stock ownership and trading, the poor performance of investment trusts, and the high degree of concentration in the securities industry as the key contemporary features.
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