Spot exchange, forward exchange

Japanese: 直物為替･先物為替 - じきものかわせさきものかわせ（英語表記）spot exchange,forward exchange

There are two types of foreign exchange: spot exchange, where the foreign exchange and the domestic currency are delivered at the same time as the purchase contract is made or within a few days, and forward exchange, where the delivery takes place on a fixed date after the contract is made. There is usually a difference between these two rates (spot rate and forward rate), and this difference is called the forward spread. Even in the case of forward exchange, the exchange rate and transaction amount are determined at the time of the contract, but the delivery takes place on a fixed date in the future. A purchase and sale contract for forward exchange is called an exchange contract, and the reservation or forward period is usually one to three months, and generally no longer than six months, and rarely longer than that.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

外国為替には，売買契約と同時または数日中に外国為替と自国通貨の受渡しが行われる直物為替と，契約後の一定期日に受渡しが行われる先物為替がある。これら二つの相場(直物相場，先物相場)には，通常，差があるが，この差を直先（じきさき）スプレッドという。先物為替の場合でも，為替相場や取引数量などは契約時点において定められ，ただ受渡しが将来の一定期日になされるのである。先物為替の売買契約のことを為替予約といい，予約期間ないし先物期間は，通常1～3ヵ月で長くとも6ヵ月以内が一般的であり，それ以上長期にわたる場合はまれである。

出典　株式会社平凡社世界大百科事典第２版について　情報

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