Financial Market

In a broad sense, it refers to all markets where financial transactions take place, that is, markets where the demand and supply of funds are regulated.

Generally, financial markets are classified into two types based on the trading method: (1) bilateral financial markets and (2) market-based financial markets. In other words, (1) is a market in which individual trading entities (e.g., households and companies) individually decide the terms of a transaction, such as interest rates and terms of the transaction, with specific trading parties (e.g., banks), and examples of this are the loan market and the savings market. On the other hand, (2) is a market in which the terms of a transaction are decided through competition between an unspecified number of trading parties, and when we talk about financial markets in the narrow sense, we are referring to market-based financial markets.

The market-based financial market consists of the short-term money market and the long-term money market. The short-term money market is further comprised of the interbank market and the open market, while the long-term money market is comprised of the public bond market and the stock market. The public bond market and the stock market each consist of two markets: the issuance market and the secondary market. The short-term money market is a market where the maturity (remaining maturity) of the traded financial assets is less than one year, and it is a market where financial institutions adjust temporary surpluses and shortages of highly liquid assets such as currency held by financial institutions, and it also functions as a place where the central bank (Bank of Japan) carries out daily monetary adjustments. The long-term money market is a market where financial assets with a remaining maturity of one year or more, such as corporate bonds and stocks, are traded for the purpose of investment expenditure and accumulation of real assets.

The short-term money market has developed at a rapid pace, with the transaction balance reaching 307 trillion yen at the end of 2005 (18 times the amount at the end of 1980). Behind this development are the creation of new markets, such as the certificate of deposit (CD) market in 1979, the unsecured call market in 1985, the short-term government bill (TB) market in 1986, and the commercial paper (CP) market in 1987, as well as the increased convenience of settlement, such as the real-time gross settlement (RTGS) system for current account transactions at the Bank of Japan, which was implemented in January 2000. In particular, the 2000s saw the rise of interest both at home and abroad in the wake of monetary policies (zero interest rate policy and quantitative easing policy), and the market's importance as a "market influenced by monetary policy" has increased.

Due to these developments, the short-term money market is also undergoing structural changes. One example is the notable shift of funds from the interbank market to the open market. This is because, while the interbank market has been shrinking due to (1) the virtual disappearance of the bill trading market and (2) a significant decrease in the call market balance, progress has been made in developing the open market, including the creation of the new bond repurchase market and the paperless nature of CP.

On the other hand, the long-term financial market was originally underdeveloped because Japan's financial structure was dependent on banks, i.e., indirect finance was dominant for a long time. In particular, the securities market was subject to the so-called "three market principles" of (1) the principle of market concentration, (2) the principle of time priority, and (3) the principle of prohibiting futures trading, which shaped Japanese securities regulations. However, the "Japanese version of the Financial Big Bang" was introduced in November 1996, which implemented the registration system for securities companies (December 1998) and the liberalization of stock brokerage commissions (October 1999), and the stock market in particular became more active with the review of the position of the over-the-counter stock market and the creation of a market for emerging companies. In the public bond market, in order to promote circulation against the backdrop of the large-scale issuance of government bonds, the issuance of government bonds for individuals (from March 2003) and inflation-linked bonds (from March 2004) have been started.

[Shiro Hara and Osamu Kitai]

"Modern Economics 6: Finance" by Tate Ryuichiro and Hamada Koichi (1972, Iwanami Shoten)" ▽ "Financial Theory" by Horiuchi Akiyoshi (1990, University of Tokyo Press) ▽ "Monetary Policy: Perspectives and Choices of Central Banks" by Okina Kunio (1993, Toyo Keizai Inc.) ▽ "Japanese Banks and Financial Organizations" by Shikano Yoshiaki (1994, Toyo Keizai Inc.) ▽ "Financial Markets and Central Banks" by Fujiki Yutaka (1998, Toyo Keizai Inc.) ▽ "Transformation of Financial Capital Markets and the State" edited by Kaizuka Hiroaki (1999, Toyo Keizai Inc.) ▽ "Financial Theory" New Edition by Shibanuma Takeshi, Mori Teruo, Yabushita Shiro, and Hiruma Fumihiko (2000, Yuhikaku)" ▽ "The Duration Effect under the Zero Interest Rate Policy - An Examination Using Short-Term Money Market Data from 1999 to 2000" by Shigenori Shiratsuka and Hiroshi Fujiki (Financial Research, Vol. 20, No. 4, 2001, Institute for Monetary and Economic Studies, Bank of Japan) " ▽ "Structural Changes in Financial Markets and the Behavior of Financial Institutions, edited by Hitoshi Takagi, Akio Kuroda, and Yoshio Watanabe (2001, Toyo Keizai Inc.)" ▽ "Japan's Capital Markets, edited by Junichi Ujiie (2002, Toyo Keizai Inc.)" ▽ "Japan's Long-Term Finance, edited by Shinichi Fukuda (2003, Yuhikaku Inc.)" ▽ "The New Bank of Japan - Its Functions and Operations, revised edition, edited by Institute for Monetary and Economic Studies, Bank of Japan (2004, Yuhikaku Inc.)" ▽ "The History of Government Bonds - The Past and Future Condensed in Interest Rates, by Toshiki Tomita (2006, Toyo Keizai Inc.)" ▽ "Japan's Financial System" by Yoshiaki Kano, 2nd Edition (2006, Toyo Keizai Inc.)

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

広義には金融取引が行われるすべての市場、すなわち、資金の需要と供給が調節される市場をいう。

　通例、金融市場はその取引方法の違いにより、(1)相対型取引(あいたいがたとりひき)金融市場、(2)市場型取引金融市場、の二つに分類される。すなわち、(1)は個々の取引主体（たとえば、家計や企業）が特定の取引者（たとえば、銀行）と個別的に金利や期間などの取引条件を決定する市場であり、貸出市場や預貯金市場がこれにあたる。一方、(2)は不特定多数の取引者間の競争を通じて、取引条件が決定される市場であり、狭義の金融市場という場合、それは市場型取引金融市場をさす。

　市場型取引金融市場は短期金融市場と長期金融市場から構成されている。さらに、短期金融市場はインターバンク市場とオープン市場、長期金融市場は公社債市場と株式市場からそれぞれ構成される。また、公社債市場と株式市場はそれぞれ、発行市場と流通市場の二つの市場から構成される。短期金融市場は、取引される金融資産の満期までの期間（残存期間）が1年未満で、おもに金融機関が保有する貨幣など流動性の高い資産の一時的な過不足を調整する市場であり、また、中央銀行（日本銀行）が日々の金融調節を行う場としても機能している。長期金融市場は、金融資産の残存期間が1年以上で、投資支出や実物資産の蓄積を目的とした金融資産、すなわち、社債や株式などが取引される市場である。

　短期金融市場は2005年（平成17）末で取引残高307兆円（1980年末比で約18倍の伸張）と、急速な勢いで発展してきた。その背景には、1979年（昭和54）の譲渡性預金（CD）市場、1985年の無担保コール市場、1986年の短期国債（TB）市場、1987年のコマーシャルペーパー（CP）市場といった、新市場の創設があり、また、2000年1月から実施に移された、日本銀行当座預金取引の即時グロス処理Real Time Gro-ss Settlement（RTGS）化など、決済の利便性が高まってきたことがある。とりわけ、2000年代では金融政策（ゼロ金利政策や量的緩和政策）を契機に内外の関心が集まり、「金融政策が働きかけるマーケット」としての重要性が増している。

　そのような変化もあり短期金融市場は構造的変化をみせている。一例がインターバンクからオープン市場への顕著な資金シフトである。これは、(1)手形売買市場の実質的消滅、(2)コール市場残高の大幅減少、などによりインターバンク市場が縮小傾向にある一方、債券新現先市場の創設、CPのペーパーレス化などオープン市場の整備が進められてきたことが理由である。

　他方、長期金融市場はもともと、日本の金融構造が銀行依存、すなわち、間接金融優位といった状況が長らく形成されていたため、市場として未発達の側面が強かった。とくに証券市場は、(1)市場集中の原則、(2)時間優先の原則、(3)先物取引禁止の原則、のいわゆる「市場三原則」が存在し、日本の証券規制を形づくっていた。しかし、証券市場も1996年11月に打ち出された「日本版金融ビッグバン」によって、証券会社の登録制（1998年12月）、株式委託売買手数料の自由化（1999年10月）などを実施、とくに株式市場は株式店頭市場の位置づけの見直し、新興企業市場の創設などで活発化した。公社債市場も国債の大量発行を背景にその流通促進化を図るため、個人向け国債（2003年3月～）、物価連動債（2004年3月～）の発行開始など整備がなされている。

［原　司郎・北井　修］

『館龍一郎・浜田宏一著『現代経済学　6　金融』（1972・岩波書店）』▽『堀内昭義著『金融論』（1990・東京大学出版会）』▽『翁邦雄著『金融政策――中央銀行の視点と選択』（1993・東洋経済新報社）』▽『鹿野嘉昭著『日本の銀行と金融組織』（1994・東洋経済新報社）』▽『藤木裕著『金融市場と中央銀行』（1998・東洋経済新報社）』▽『貝塚啓明編『金融資本市場の変貌と国家』（1999・東洋経済新報社）』▽『柴沼武・森映雄・藪下史郎・晝間文彦著『金融論』新版（2000・有斐閣）』▽『白塚重典・藤木裕著「ゼロ金利政策下における時間軸効果――1999―2000年の短期金融市場データによる検証」（『金融研究』第20巻第4号所収・2001・日本銀行金融研究所）』▽『高木仁・黒田晁生・渡辺良夫編著『金融市場の構造変化と金融機関行動』（2001・東洋経済新報社）』▽『氏家純一編『日本の資本市場』（2002・東洋経済新報社）』▽『福田慎一編著『日本の長期金融』（2003・有斐閣）』▽『日本銀行金融研究所編『新しい日本銀行――その機能と業務』増補版（2004・有斐閣）』▽『富田俊基著『国債の歴史――金利に凝縮された過去と未来』（2006・東洋経済新報社）』▽『鹿野嘉昭著『日本の金融制度』第2版（2006・東洋経済新報社）』

出典　小学館　日本大百科全書(ニッポニカ)日本大百科全書(ニッポニカ)について　情報 | 凡例