chapter  5
8 Pages

Foreign currency and Euroyen markets

Foreign exchange markets Japan's foreign exchange markets take place in Tokyo and Osaka, but the predominant share of market transactions, say 99.8 per cent, are concentrated in Tokyo. As in New York and London almost all transactions are carried out over the telephone and there exists no bourse for foreign exchange as in some countries on the European continent. Participants in the market include the authorized foreign exchange banks including foreign banks, the foreign exchange brokers, and the Bank of Japan (BOJ) which operates to stabilize the market.