Capital market

Japanese: 資本市場 - しほんしじょう（英語表記）capital market

Generally speaking, it refers to a market where companies raise the funds they need for investment. Since corporate investment funds are often relatively long-term, it is also called the long-term financial market, and is distinguished from the money market (also called the short-term financial market), which is a place for raising working capital. However, a place where long-term funds are borrowed and lent regardless of the purpose can also be called a capital market. The capital market or long-term financial market is divided into the long-term loan market, the new securities issuance market (bond issuance market), and the market for trading already issued securities (securities secondary market). The former is a market where financial institutions make long-term loans, and the latter is a market for the issuance and trading of stocks and public bonds. The latter are collectively referred to as the securities market in the broad sense.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

一般には企業の投資のために必要な資金の調達が行われる市場をいう。企業の投資資金は比較的長期にわたることが多いので長期金融市場ともいわれ，運転資金調達の場としての貨幣市場 (短期金融市場ともいわれる) と区別される。しかし用途のいかんを問わず長期の資金貸借が行われる場を資本市場ということもある。資本市場ないし長期金融市場は，長期貸付市場と新証券発行市場 (起債市場) ならびに既発行証券売買市場 (証券流通市場) とに分けられる。前者は金融機関が長期貸出しを行う市場で，後者は株式，公社債の発行，売買市場である。なお後者を一括して広義の証券市場という。

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