The new world capital of currencies (Tokyo)

Tokyo is gaining increasing power in foreign exchange trading. New York and London began to recognize the volume of trading on the Tokyo market following a joint survey of the major forex markets by the Bank of Japan, the Federal Reserve, and the Bank of England in spring 1986. Tokyo accounted for n...

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Bibliographic Details
Published in:The Institutional investor (U.S. ed.) 1988-12, Vol.22 (14), p.171
Main Author: Sender, H
Format: Magazinearticle
Language:English
Subjects:
Foreign exchange
Investment banking
Securities trading
Stock exchanges
Online Access:Get full text
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Summary:Tokyo is gaining increasing power in foreign exchange trading. New York and London began to recognize the volume of trading on the Tokyo market following a joint survey of the major forex markets by the Bank of Japan, the Federal Reserve, and the Bank of England in spring 1986. Tokyo accounted for nearly as much spot-market turnover as New York, although London was comfortably ahead. With the next survey in spring 1989, many expect Tokyo will have passed New York and perhaps caught up with London. Tokyo's trading patterns are distinctive in that customer business is higher and interbank operations are less important. The talent of individual traders is becoming more noticeable with Tokyo's growth as a forex center, and there is a shortage of good treasury staff. The city's increasing over-the-counter market in foreign currency options is affecting the cash market.
ISSN:0020-3580