Functions of the Japanese Stock Market

Yasuhiro Yonezawa and Junko Maru

Japanese Economy, 1986, vol. 15, issue 1, 42-75

Abstract: Although the Japanese economy has experienced a remarkable growth in the postwar period, it would not be an overstatement to say that there has been no definitive analysis done on the functions performed by the capital market, particularly the stock market, and thus we have no common understanding of it. One of the possible reasons for this state is that industrial funds have mainly been supplied through the financial market centering around banks, whereas the stock market has played only a minor role. As a result of this, even in the few analyses that have been carried out, certain special characteristics of the Japanese stock market (the so-called backwardness compared to that of the United States, for example) have been emphasized, and even the viability of its functioning has been questioned.

Date: 1986
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DOI: 10.2753/JES1097-203X150142

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