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Japan Guide
1. Orbixa Market Guides Page 1 of 21
2011
Pablo Torre
Orbixa Business Development
5/4/2011
JAPAN MARKET GUIDE
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MARKET GUIDE
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CONTENTS
PRIMARY EXCHANGE ............................................................................................................................................ 5
NAME........................................................................................................................................................... 5
EXCHANGE LOGO ............................................................................................................................................ 5
EXTENSION..................................................................................................................................................... 5
NATIONAL CURRENCY ...................................................................................................................................... 5
WEBSITE........................................................................................................................................................ 5
HISTORY........................................................................................................................................................ 5
TYPES OF ASSETS TRADED ................................................................................................................................. 6
MARKET SYSTEMS ........................................................................................................................................... 6
COMPETING EXCHANGES....................................................................................................................................... 7
NAME........................................................................................................................................................... 7
EXCHANGE LOGO ............................................................................................................................................ 7
EXTENSION..................................................................................................................................................... 7
WEBSITE........................................................................................................................................................ 7
HIGHLIGHTS ................................................................................................................................................... 7
HISTORY........................................................................................................................................................ 8
ASSET TYPES................................................................................................................................................... 8
MARKET SYSTEMS ........................................................................................................................................... 8
OTHER REGIONAL EXCHANGES........................................................................................................................... 8
ATS OPERATING IN JAPAN..................................................................................................................................... 9
OVERVIEW..................................................................................................................................................... 9
OTHER PTS.................................................................................................................................................. 10
LOCAL REGULATORY AUTHORITIES ........................................................................................................................ 11
FINANCIAL SERVICES AGENCY .......................................................................................................................... 11
TOKYO STOCK EXCHANGE ............................................................................................................................... 11
OSAKA SECURITIES EXCHANGE ......................................................................................................................... 11
TRADING IN JAPAN............................................................................................................................................. 12
TRADING HOURS........................................................................................................................................... 12
BOOK TYPE .................................................................................................................................................. 12
SHORT SELLING............................................................................................................................................. 13
AUCTION MECHANISMS .................................................................................................................................. 13
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ORDER SIZE.................................................................................................................................................. 14
PRICE INCREMENT ......................................................................................................................................... 14
PRICE MOVEMENT LIMITS............................................................................................................................... 14
ERRONEOUS TRADES...................................................................................................................................... 15
MARKET MISCONDUCT................................................................................................................................... 16
ORDER TYPES ............................................................................................................................................... 17
SYSTEM RESTRICTIONS ................................................................................................................................... 18
TRADING FEES .............................................................................................................................................. 18
MARKET INDICES ............................................................................................................................................... 18
NIKKEI INDICES ............................................................................................................................................. 18
TOPIX INDICES............................................................................................................................................. 19
OSE INDICES ................................................................................................................................................ 19
MARKET STATISTICS (DATE OF STATISTICS).............................................................................................................. 19
DOMESTIC CAPITALIZATION............................................................................................................................. 19
AVG DAILY TURNOVER ................................................................................................................................... 19
AVG DAILY SHARES TRADED ............................................................................................................................ 19
NUMBER OF ETF’S LISTED............................................................................................................................... 19
NUMBER OF LISTED COMPANIES....................................................................................................................... 19
ECONOMIC RESOURCES ...................................................................................................................................... 19
GOVERNMENTAL BODIES ................................................................................................................................ 19
NON GOVERNMENTAL ORGANIZATIONS ............................................................................................................ 19
OTHER SOURCES ........................................................................................................................................... 20
NEWS & RESEARCH ........................................................................................................................................... 20
FINANCIAL NEWS .......................................................................................................................................... 20
GENERAL NEWS SOURCES............................................................................................................................... 21
OTHER ........................................................................................................................................................ 21
CHART & DATA SOURCES.................................................................................................................................... 21
EXCHANGE-PROVIDED .................................................................................................................................... 21
GET STARTED TRADING JAPAN TODAY ................................................................................................................... 21
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This Market Guide was last Updated May 4, 2011 by Pablo Torre
Note: We use our best efforts to provide you accurate, complete and timely information, but we cannot guarantee it is always error-free or
appropriate for all uses. Use this information at your own risk. If there is a discrepancy between this information and information appearing in
a monthly settlement report, the settlement report shall govern.
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PRIMARY EXCHANGE
Name TOKYO STOCK EXCHANGE (TSE)
Exchange Logo
Extension .JP
National Currency CURRENCY CODE
JPY
OVERVIEW
The Japanese Yen is the official currency of Japan. It is the third most traded currency in
the FOREX market after the USD and EUR. It is also widely used as a reserve currency,
after the USD, EUR and GBX.
(Currency Converter)
Website Official
Wikipedia
History The TSE was established in 1878 as the Tokyo Kabushiki Torihikijo, under the direction of
then-finance minister Okuma Shigenobu. It began trading June 1 1878.
In 1943 the exchange was combined with 10 regional exchanges from mayor Japanese
cities to form the Japanese stock exchange. The exchange was shut down and reorganized
after the bombing of Nagasaki.
Tokyo Stock Exchange reopened, under its current name, in may 16 1949, pursuant to the
new Securities Exchange Act.
The trading floor of the TSE was closed on April 30 1999, and the exchange switched to
fully electronic trading. The Tokyo Arrows electronic facility started trading on 2000. In
January 2, 2010 TSE switched to its new Arrowhead 2 low latency trading facility.
Corporate structure details.
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Types of Assets
Traded
SECURITIES
Equity
UNIT TRUSTS/MUTUAL FUNDS
ETFs
REITs
FIXED INCOME (BONDS)
Government
Foreign
Straight
Convertible Bonds
DERIVATIVES
Futures & Options
Carbon Market
Market Systems ARROWHEAD 2
Next generation trading system developed by the TSE for cash market
High speed order placement
High speed execution processing
Responds to order size reductions and increase in number of transactions associated with
HFT.
The new system is used for auction trading of stocks and CBs, and supports the Tokyo
Market as an exchange system of the highest global standard for low latency, high
reliability, and scalability.
Arrowhead Website
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COMPETING EXCHANGES
Name Osaka Securities Exchange (OSE)
Exchange Logo
Extension .JP
Website Official Website.
Wikipedia
Highlights Second largest stock exchange in Japan.
Japan’s largest derivatives exchange.
477 listed stocks.
Trades Nikkei 225 futures.
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History 1697 founded as the Dojima Rice Exchange , it was the world’s first futures exchange,
where rice & crop futures were traded.
1878 it was reestablished with its current name.
1943 merged into the Japanese Stock Exchange during the war.
1949 Reopened as Osaka Securities Exchange.
1970 opened convertible bond market.
1974 it started operating an electronic market.
1988 they began electronic trading of the Osaka Stock Futures 50 and Nikkei 225 futures.
1994 started trading Nikkei 300 futures & options.
1997 started trading equity options.
2001 OSE merged with Kyoto Stock Exchange.
2001 ETF market established.
2002 established Hercules market.
2006 new trading platform.
2010 merger with JASDAQ.
For detailed timeline see here.
Asset types Stock finder
Domestic Stocks
Foreign Stocks
ETF’s
Futures & Options
OSE-FX
Market Systems Expected to launch new low latency trading platform in Q1 2011.
Other Regional
Exchanges
There are 3 regional exchanges that compete with TSE & OSE
Not considered direct competition
Symbols listed on one exchange do not necessarily trade on the other exchanges,
With the exception of symbols listed on multiple exchanges.
These exchanges are illiquid and non-suited for day trading, and therefore are not
available in Orbixa systems. They are listed below for reference purposes.
Fukuoka Stock Exchange
Sapporo Securities Exchange
Nagoya Stock Exchange
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ATS OPERATING IN JAPAN
Overview 1998 revision of Securities Exchange Act
Allows Proprietary Trading Systems (PTS)
Abandons the Centralized Exchanges Principle
2004 legal changes
Require PTS to use auction system.
Established obligation of best execution
Changes didn’t produce intended diversification & competition between venues due in
part to:
Most PTS were a service to private investors
TSE already offered electronic execution
Best execution obligation is a formality and there’s inadequate operator
awareness.
No clearing process was introduced until 2010, before that trades executed on
PTS had larger counterparty risk than those executed on exchange.
PTS remained under 1% of volume up to May 2010
Credit Suisse
CrossFinder
Credit Suisse offers Crossfinder to provide any Orbixa order with the option to obtain
price improvements by internalizing orders before executing on the exchange.
Use of this PTS is optional, and traders can set it on any order they send to the Japanese
markets.
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Other PTS There are several PTS available in Japan’s market. Due to their low liquidity and trading volume
they are not available in Orbixa system.
SBI JAPANNEXT
Official Website
Established in 2006 it aimed to enhance the convenience of investors allowing plural
security firms to connect online on a platform based on EURONEXT.
CHI-X JAPAN
Official Website
AsiaeTrading Website
Launched in 2010
Traded >1% of Nikkei 225 shares in Feb 2011
CHI-X Japan’s mission is to provide a low cost, high speed, high liquidity trading venue for
TSE and OSE listed equities. The platform is based on CHI-X Canada.
Trades during the JP lunch break.
KABU.COMPTS
AsiaeTrading Website (English)
Launched in 2007
Trades TSE, OSE and JASDAQ Equities.
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LOCAL REGULATORY AUTHORITIES
Financial Services
Agency
Overview
The FSA is the Japanese government agency that oversees banking, insurance, securities
and exchanges in order to ensure stability of the financial system.
Official Website.
Wikipedia Site.
Rules
Overview Regulatory Framework
Better Regulation Policy
Better Market Initiative
Tokyo Stock
Exchange
Overview
TSE is the primary regulator of exchange activity in Japan. Its rules are derived from
guidance provided by the Financial Services Agency (FSA).
Rules
Rules and Regulations.
Osaka Securities
Exchange
Overview
OSE regulates trading on OSE listed securities and derivatives.
Rules
Rules & Business Regulations
Trading Participant Regulations & Related Rules
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TRADING IN JAPAN
Trading Hours TRADING HOURS
Standard Trading Hours in Tokyo time (UTC + 9)
The morning trading session:
9:00 - 11:00 a.m.
The afternoon trading session:
12:30 - 3:00 p.m.
Orders can be enter from 8:00 in the morning session and from 12:05 in the afternoon
session.
TRADING CALENDAR – 2011 HOLIDAYS
Jan. 1 New Year's Day
Jan. 10 Coming of Age Day
Feb. 11 National Foundation Day
Mar. 21 Vernal Equinox
Apr. 29 Showa Day
May 3 Constitution Memorial Day
May 4 Greenery Day
May 5 Children's Day
Jul. 18 Marine Day
Sep. 19 Respect for the Aged Day
Sep. 23 Autumnal equinox
Oct. 10 Health and Sports Day
Nov. 3 Culture Day
Nov. 23 Labor Thanksgiving Day
Dec. 23 Emperor's Birthday
REFERENCES
Specific trading hours for other products can be found here.
For a complete listing of market holidays observed by the TSE, see the calendar here.
Book Type The L2 book in Japan markets may display TSE and OSE book on interlisted symbols.
Non interlisted symbols will only display TSE or the OSE book.
The order book displays up to 100 levels deep.
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Short Selling DECLARING SHORT SELLS
Short sale orders must be declared
STOCK LOCATE
ETB/Shorting Pool Required for shorting.
Naked short selling is prohibited
UPTICK RULE
Short sell orders sent to the light market must comply with the 'uptick rule' , while off-
exchange trading does not have to comply with the 'uptick rule'
RULES, STATISTICS & OTHER
The TSE rules regarding bids and offers address clarification whether or not an order is a
short sale on page 2 of the document found here.
Further guidance was provided by the FSA in the form of a press release addressing the
strengthening of short-selling rules in October 2008 - found here.
TSE discloses reports on monthly short selling value.
Auction mechanisms AUCTION PROCEDURE
'Itayose' auction method, described here, is used for:
TSE opening Auction
TSE closing Auction
Initial price after a trading halt
Prices when special quotes
Sequential trade quotes
CLOSE AUCTION AT THE LIMIT PRICE
If a stock has reached its limit price, TSE will institute a closing auction at the limit price,
see here for more information.
CONTINUOUS TRADING
Once the opening price has been determined, the "Zaraba" method, or continuous
auction method is used to match each order individually during the rest of the trading
session.
REFERENCES
What is “itayose” method?
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Order Size The minimum order size for each symbol is determined listing company for its own stock.
The majority of listed companies have a minimum order size of 1,000 shares.
REFERENCES
TSE FAQ on Trading Units
Overview of TSE stock trading
Price Increment
MINIMUM PRICE INCREMENTS
Stock
Price
Tick
Size
Stock
Price
Tick
Size
<3000 +/-1 Up to 3 million 1,000
Up to 5000 5 Up to 5 million 5,000
Up to 30,000 10 Up to 30 million 10,000
Up to 50,000 50 Up to 50 million 50,000
Up to 300,000 100 Over 50 million 100,000
Up to 500,000 500
REFERENCES
Overview of TSE stock trading
Price Movement
Limits
PRICE MOVEMENT LIMITS
Stock
Price
Daily Price
Limit
Stock Price
Daily Price
Limit
<100 +/- 30 Up to 150,000 30,000
Up to 200 50 Up to 200,000 40,000
Up to 500 80 Up to 300,000 50,000
Up to 700 100 Up to 500,000 70,000
Up to 1,000 150 Up to 700,000 100,000
Up to 1,500 300 Up to 1 million 150,000
Up to 2,000 400 Up to 1.5 million 300,000
Up to 3,000 500 Up to 2 million 400,000
Up to 5,000 700 Up to 3 million 500,000
Up to 7,000 1,000 Up to 5 million 700,000
Up to 10,000 1,500 Up to 7 million 1 million
Up to 15,000 3,000 Up to 10 million 1.5 million
Up to 20,000 4,000 Up to 15 million 3 million
Up to 30,000 5,000 Up to 20 million 4 million
Up to 50,000 7,000 Up to 30 million 5 million
Up to 70,000 10,000 Up to 50 million 7 million
Up to 100,000 15,000 > 50 million 10 million
All figures are in JPY
REFERENCES
Overview of TSE stock trading
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Erroneous Trades TRADE CANCELLATION POLICIES
TSE only cancels erroneous trades when the size of the trade is too large it does not
cancel trades that happen at erroneous prices.
The TSE considers orders for more than 5% of listed stock to be erroneous.
When an erroneous order is entered the TSE will temporarily suspend trading on
the symbol and request the participant who placed the order to cancel it.
If an order for more than 10% of the listed stock is executed, TSE will halt the stock and
advise participants that such an execution may be cancelled.
When an erroneous order is placed, participants have 60 minutes of the trading
halt to submit requests for trade breaks.
Participants may apply to cancel executed transactions, as a general rule, in cases when
transactions exceed 20% of the listed shares for a stock.
TSE only cancels trades if, as a result of the trade, it decides there is a high
possibility of settlement failure.
Transactions of less than 20% of the number of listed shares for a stock may
only be cancelled in exceptional circumstances.
ERRONEOUS TRADE PREVENTION MECHANISMS
TSE has mechanisms to prevent large orders from being accepted.
Orders beyond the allowed size are rejected before reaching the market:
Domestic Stocks: 30% of the listed shares.
Foreign Stocks: 30,000 times the minimum order size.
REFERENCES
TSE page regarding the implementation of order size checking program
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Market Misconduct FALSE TRADING
No person shall commit the following acts for the purpose of misleading other persons
into believing sales and purchase of Securities, Market Transactions of Derivatives, or OTC
Transactions on Derivatives are thriving or otherwise misleading other persons about
state of these transactions:
To conduct fake sales and purchases of Securities, fake Market Transactions of
Derivatives, or fake OTC Transactions of Derivatives:
Without the purpose of transfer of right.
Without the purpose of paying or receiving money
Without the purpose of granting or acquiring options
Based on collusion made in advance with another party in which the other party promises
to purchase (sell) the Financial Instrument at the same price and around the same time
the seller sells (buyer buys) them.
PRICE RIGGING
No person shall commit any of the following acts for the purpose of inducing sales and
purchases of Securities, Market or OTC Transactions on Derivatives:
To conduct a series of Sales and Purchases or make an offer Entrustment etc. or accepting
an Entrustment etc. therefore that would mislead other persons into believing that Sales
and Purchases of Securities are thriving or would cause fluctuations in prices of Listed
Financial Instruments or OTC instruments.
To spread a rumor to the effect that prices of Listed Financial instruments or OTC
instruments, would fluctuate by his/her own or other party’s market manipulation or
To intentionally make a false indication or an indication that would mislead other parties
with regard to important matters when making Sales and Purchases of Securities.
STOCK MARKET MANIPULATION
The New Legislative Framework for Investor Protection refers to ‘Misegyoku’ which “is a
means of market manipulation whereby dummy orders are placed to create an
impression of active trading that will later be cancelled immediately before the
transactions are completed”
REFERENCES
“The information provided in this section is not a comprehensive listing of all rules which
apply on the Japan markets. Please make sure you review the full text of the Financial
Instruments Exchange Act: Article 159 before trading on the Japan market to ensure you
trade in compliance with all applicable rules & regulations.”
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Order Types BY ORDER TYPE
Limit: A Limit Order will allow matching only at the specified price.
Market: A market Order will allow matching at current best price immediately. A market
buy order will be executed at best ask price, and a market sell order will be executed at
best bid price.
Funari: A Funari order will act as limit order during regular trading session, but the
remaining unmatched shares will become MOC at close auction.
Peg Bid: Peg bid order allows investors to have their order continuously tracking the best
bid of the order book.
Peg mid: Peg mid order allows investors to have their order continuously tracking the
price between best bid and best offer of the order book.
Peg Ask: Peg ask order allows investors to have their order continuously tracking the best
offer of the order book
BY TIME IN FORCE
LOO (Limit On Open): LOO orders are only valid at open auction session, the remaining
unmatched shares or orders will be cancelled after market open.
LOC (Limit On Close) :LOC orders are only valid at close auction session, the remaining
unmatched shares or orders will be cancelled after market close.
MOO (Market On Open): MOO orders are matched at opening price at market open.
MOC (Market On Close): MOC orders are matched at closing price at market close.
IOC: Immediate or cancel (IOC) order will be cancelled if not immediately executed. OSE
does not support IOC in the light market.
FOK: Fill or kill (FOK) order will either be filled immediately in full, or cancelled. TSE and
OSE do not support FOK in the light market.
BY ROUTING OPTIONS
DMA (Direct Market Access): No crossing will take place on the order. Route the order
directly to external markets.
Dark: Route the order to Crossfinder without exposing it to the light market. Post the
order into the pool at the price specified on the order.
Cross: Cross as much as possible of an order in Crossfinder and post the remaining
quantity to the light market. Retrieve open quantity from the market when matching
orders become available to cross.
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System Restrictions Maximum of 4 orders per destination per symbol.
Frequent cancelling of orders is not allowed.
All orders must be bona fide (with the intention of getting the order filled).
Short sell orders sent to displayed market must comply with uptick rule.
Orders executed in dark pools don’t need to comply with uptick rule.
Trading Fees Trading Fees for the Japan Markets can be found on our wiki.
MARKET INDICES
Nikkei Indices NIKKEI STYLE INDICES
Nikkei Style Indices have been created as objective benchmarks for evaluating the stock
investment performance of different fund management styles. They are market value-
weighted average indices of stocks listed on the 1st section of the Tokyo Stock Exchange
(TSE).
The components are selected from the stock population by classifying the issues in the
population on the basis of their total market value and consolidated PBR and ROE, taking
into account reinvestment of dividends. There are eight indices in all; four indices
classified in terms of market capitalization -- small, mid, large and total, in each of two
groups responding to two types of stocks -- value ( low-PBR ) stocks and growth ( high-PBR
and high-ROE ) stocks.
Nikkei Indices Website
Nikkei 300 Website
Nikkei 500 Website
NIKKEI 225
The Nikkei 225, also known as the Nikkei or Nikkei Index
Stock market index calculated from 225 stocks traded on the fist section of the Tokyo
Stock Exchange.
Calculated daily by the Nihon Keizai Shimbun (Nikkei) newspaper.
It is a price weighted average and its components are reviewed once a year. Futures for
the Nikkei are traded in SGX, CME and Osaka.
Its components cover 36 sectors of Japan’s economy.
Nikkei 225 Website
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TOPIX Indices TOPIX INDICES
TOPIX offers a variety of market wide and industry specific indices built from Tokyo Stock
Exchange companies. TOPIX indices are provided by the Tokyo exchange.
TOPIX Indices Website
See a comparison between TOPIX and Nikkei Indices.
Full line up of TOPIX indices.
Current Index price levels for TOPIX indices
OSE Indices OSAKA SECURITIES EXCHANGE INDICES
Series of indices for OSE and JASDAQ listed stocks.
OSE Indices Website
MARKET STATISTICS (DATE OF STATISTICS)
Domestic
Capitalization
JPY 310 Trillion
Avg Daily Turnover JPY 1.4 Trillion
Avg Daily Shares
Traded
2 Billion Shares
Number of ETF’s
Listed
70
Number of listed
Companies
2292
ECONOMIC RESOURCES
Governmental
Bodies
Bank of Japan Daily Money Market Operations
Bank of Japan Overnight Call Rate Daily Reports
Bank of Japan Time Series Data Search
Bank of Japan Institute for Monetary and Economic Studies
New York Federal Reserve Economic Indicators for Japan
Non Governmental
Organizations
Economic and Social Research Institute
Japan Center for Economic Research
Japan Economic Research Institute
Japan Center for International Exchange
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Other Sources Nikkei provides an ample selection of economic data indicators and economic forecasts.
FX Street economic calendar
Trading economics Japan Economic Calendar & News
Economy.com Japan Economic Analysis and Indicators
The Economist, Japan Section
The Economist, Country Briefing on Japan
Japan Economic Indicators by Nikkei (kanji)
EconomyWatch Japan Economic Indicators
NEWS & RESEARCH
Financial News NIKKEI provides market news as well indices for Japanese markets.
Tokyo Exchange offers news related to its TOPIX indices.
Business Section of the Daily Yomiuri newspaper
Business Section from Japan today.
Kyodo News business section.
Business Section for news.google Japan (kanji)
Osaka Exchange News portal
CNBC Asia-Pacific
Wall Street Journal, Japan
Bloomberg, Japan
BusinessWeek, Asia
Asia eTrading
Business Section Asahi Shimbun Newspaper (English)
Wall Street Journal Japan (kanji)
Market Watch Japan (kanji)
NewsOnJapan Stocks Section
Ausie Stock Forums
TSE Daily Report
OSE Daily Report
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General News
Sources
The online edition of the Daily Yomiuri newspaper from Japan.
Japan Today covers latest news, politics, business, sports, new products, technology,
environment and weather. With analysis and commentary.
From Japan's government broadcaster, NHK--news in English about Japan and Asia. Video
and text updated twice daily.
The Oriental Economist is an English-language monthly newsletter focused on Japan and
US-Japan relations, covering key political, economic, and strategic developments inside
Japan, as well as the US-Japan relationship.
CNN.com/World
Japan Times
Japan Real Time
Other TSE offers a wide arrange of stock market activity indicators as well as statistics on general
market activity.
OSE offers various market activity statistics.
CHART & DATA SOURCES
Exchange-
provided
Real time Stock price index
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