67Japan’sFinancialDerivativesMarketByDr.Cuitong,PostdoctoralProgramoftheSHFE18028070801975197514.91985132.910101975492198547.9109741975551985251510461985GNP9.98019755019863507681972CME19741975GNMA1976TB1977TBOND1977TNOTECD19791980198019821984198471985610819851031985198765050919881·8950225TOPIX5019923691988525zzz·1988·1198892251989619891012TBOND1990519961219977OTC198949070199471FRAFXA1997480198519879BIS10199534,5071,9602,480OTC199541,3863,5101,62090219982001200420012.920042.6%20041998200119981999112001199850.348.51998200184.5113.59010TriennialCentralBankSurveyofForeignExchangeandDerivativesMarketActivity19861995111999271z12RegularDerivativesMarketStatisticsBIS1998613AOZORARESONAUFJUFJ13OTC9072zz132004773z