The first edition of Japanese Financial Markets established itself as a standard work on one of the most important financial centres in the world. Since then there have been substantial changes, most notably a serious financial crisis and major subsequent reforms of the financial system. Written by leading analysts from the prestigious Nomura Group, this authoritative second edition explains these changes and their consequences for the current structure and operation of the country's financial markets. The book is arranged in four main sections: Part 1 provides an overview of the recent performance of Japan's financial markets, the crisis in the 1990s, government reforms and the subsequent 'Big Bang' in the country's financial system. Part 2 looks at the range of participants in the market, from individual investors, public sector and corporate pension funds to investment trusts, government bond issues and the equity market. This section of the book also discusses cross-border money flows, monetary policy and the regulatory framework. Part 3 discusses the markets themselves, covering the money and bond markets, trading in equities and securities and the venture capital market. Part 4 considers current problems and likely future developments in the financial system. This major new edition of Japanese financial markets is essential reading for fund managers, institutional investors, financial analysts and all those concerned with one of the world's most important financial markets.