Japanese Security Exchanges
November 22, 2023
The long-term increase in share-trading volume, at a rate higher than GNP growth, is not unique to the U.S.
Japan’s economic history is about as different from the U.S. experience as can be. Yet, stock trading volumes on the Tokyo Stock Exchange over the past 30 and 40 years have been almost incomparably greater than GDP growth, which was essentially nil during the last 30 years.
A hint of the economic malaise is seen in the 30-year collapse and stagnation of the commercial property market in Japan, from which it has only recently returned to pre-collapse breakeven.
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