The Dojima Rice Exchange

The Dojima Rice Exchange

From Rice Trading to Index Futures Trading in Edo-Period Japan

Takatsuki Yasuo
Translated by Louisa Rubinfien

Japan Publishing Industry Foundation for Culture

Business & Economics

¥2,800 + tax

ISBN 9784866582191
210 mm x 148 mm / 236 pp. / August 2022

The Dojima Rice Exchange of the Edo period (1603-1868), located in Osaka, Japan, is known among researchers as “the world’s first futures trading market.” Much as modern markets do today, the Edo-period Dojima market had a market for trading securities called rice certificates and an index futures market for trading indices derived from those securities. The market economy and the Exchange itself became extraordinarily dynamic, astounding observers of the time. But a dynamic market poses its own challenges, as we in our times know all too well. How did the people and government of the Edo period, who had no precedents to draw on, let alone economists to consult, contend with what was often a runaway market? The story of how the futures market developed and functioned at Dojima reveals the true nature of the “market economy.”

Born in 1979, Takatsuki Yasuo is an associate professor at the Research Institute for Economics and Business Administration, Kobe University with a specialty in economic history analysis. He received his BA from the Keio University Faculty of Policy Management, his MA from the Osaka University Graduate School of Economics, and his PhD from the University of Tokyo Graduate School of Economics. His publications include Kinsei kome shijo no keisei to tenkai: Bakufu shiho to Dōjima kome kaisho no hatten [The Rise and Development of the Rice Exchange Market in Tokugawa Japan: The Development of the Shogunal Court and the Dojima Rice Exchange] (University of Nagoya Press, 2012).

*information as of time of publication


Japan Publishing Industry Foundation for Culture

¥2,800 + tax
ISBN 9784866582191
210 mm x 148 mm / 236 pp. / August 2022

ISBN 9784866582221 (ePub)
ISBN 9784866582252 (PDF)
May 2022

Preface to the English Edition / Introduction / 1. The Birth of Osaka as Japan’s Central Market / 2. The Emergence of the Osaka Rice Market / 3. The Establishment of the Dojima Rice Exchange / 4. Rice Certificates / 5. Transactions in the Dojima Rice Exchange / 6. Rice Inspections in the Daimyo Domains / 7. The 1761 Law Prohibiting Empty Rice Certificates / 8. The Shogunate’s Response to the “Empty Rice-Certificate” Problem / 9. The Shogunate’s Response to the Problem of Falling Rice Prices / 10. The Edo-Era Revolution in Communications / Epilogue / Afterword / Bibliography / Index / About the Author




Original Japanese Edition


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