Haruhiko Kuroda: Post-crisis futures markets

Keynote speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the symposium commemorating the 30th anniversary of stock index futures, Tokyo, 3 September 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

It is a great honor to be invited to speak at this symposium commemorating the 30th anniversary of stock index futures in Japan.

A decade has passed since the collapse of Lehman Brothers, which triggered the global financial crisis. During the last 10 years since that time, global financial markets have faced and have been affected by various negative political and economic shocks such as the European debt problem in the first half of the 2010s. Japanese stock and futures markets have not been immune and the turnover of cash stocks and the trading volume of stock futures were sluggish for some time after the global financial crisis. Thereafter, however, against the background of the recovery of the global economy and solid corporate performance, global financial markets have rebounded to pre-crisis levels.