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Outline of the Japan Securities Research Institute (JSRI)

Ⅰ.Outline

Name:
The Japan Securities Research Institute (JSRI)
(Nihon Shoken Keizai Kenkyujo)
Address:
Tokyo Securities Bldg (Tokyo Shoken Kaikan), 1-5-8 Nihonbashi Kayaba-cho, Chuo-ku, Tokyo 103-0025
    Tel: 03-3669-0737 (Main)  Fax: 03-3662-8294
    E-mail: tokyo@jsri.or.jp  URL: http://www.jsri.or.jp/
Osaka Office
Osaka Heiwa Bldg, 1-5-5 Kitahama, Chuo-ku, Osaka, 541-0041
    Tel: 06-6201-0061 (Main)  Fax: 06-6204-1048
    E-mail: osaka@jsri.or.jp
Founded:
August 15, 1961
Endowment:
1 billion yen
Members:
The Japan Securities Dealers Association, Japan Exchange Group,
The Investment Trusts Association
Sponsor:
Capital Market Promotion Foundation, Osaka Securities Exchange

Full time executive trustees (see executive staff register)

Chairman of the Board: Kiichirou Masui
Executive Director: Tadasi Omae
Staff: 26 (Tokyo office: 22, Osaka office: 4)

Japan Securities Research institute - Organization

 

Ⅱ.History

August 15, 1961
Minister of Finance issues charter for foundation as a public interest corporation pursuant to Article 34 of the Civil Code.
(Initial endowment 5 million yen- Maintenance funds and contributions provided by the Association of Tokyo Stock Exchange Regular Members. Administrative offices transferred to the Financial Services Agency on July 1, 2000)
March 30, 1963
Designated by the Ministry of Education as a Private Academic Organization in accordance with the Order for enforcement of the Japan Scholarship Law.
October 1966
Along with the Association of Tokyo Stock Exchange Regular Members, the Tokyo Stock Exchange, the Tokyo Security Dealers Association (Renamed “Japan Security Dealers Association” as of July 1973), the Bond Underwriters Association and the Investment Trusts Association became members, establishing the financial base for the Institute.
November 1966
Transfer from the 6th floor of the Tokyo Stock Exchange to the 3rd floor of the Tokyo Securities Bldg (Current location).
November 21, 1966
Society for the Economic Studies of Securities established, Secretariat placed within the Institute.
December 1966
Securities Library established.
August 14, 1968
Accreditation by the Minister of Finance as a Research-oriented Corporation pursuant to the Order for enforcement of the Income Tax Law and the Order for enforcement of the Corporate Tax Law.
(Reclassified “Designated Public Interest Corporation” from 1988, and subsequently accredited)
July 1969
Received sponsorship from the Capital Market Promotion Foundation for the Securities and Exchange Law Study Committee (established January 1969).
(Continuous sponsorship received by the Institute from the Capital Market Promotion Foundation in relation to project costs and funds)
November 1, 1969
Merger with the Osaka Securities Research Institute (established August 1, 1958)
Endowment 7 million yen - The Kitahama Kyoei-kai of Osaka (Association of Osaka Securities Exchange Regular Members) entered membership (subsequently received successive sponsorship from the Capital Market Promotion Foundation and donations from the Security Dealers Association).
May 20, 1971
Osaka Securities Research Institute transferred to the Osaka Shoken Kaikan Annex Bldg.
May 20, 1971
Securities Library established in Osaka
May 1972
Commenced calculation of stock investment rate of return, published in June 1973.
(Calculations covered all stocks listed on the First Section of the Tokyo Stock Exchange since January 1952, and subsequently those listed on the Second Section of the Tokyo Stock Exchange from 1982. “Tenkan Shasai Shu-eki Ritsu” (Rate of Return on Convertible Bonds) was published in December 1977.)
April 1973
“Securities Market in Japan” published
(“Securities Market in Japan”, compiled by the Head of General Affairs, Securities Bureau, Ministry of Finance, translated into English and published biennially, and continues to date)
August 1976
“Gaikoku Shoken Kankei Hourei Shu - Suisu” (Japanese Version of Foreign Laws and Regulations on Securities - Switzerland)
(A total 10 volumes also covering the USA (I - VI), France, England and West Germany were published)
April 1977
“Zusetsu America no Shoken Shijo” (Introductory Guide Book to Securities Market in USA)
(“Zusetsu Igirisu no Shoken Shijo” (Introductory Guide Book to Securities Market in UK) and “Zusetsu Europa no Shoken Shijo” (Introductory Guide Book to Securities Market in Europe) were published in September 1989 and April 1993 respectively.)
January 5, 1979
Establishment of the Kamekichi Takahashi Library attached to the Securities Library
February 7, 1979
Nagoya Branch Office established
February 1979
Securities Library office established in Nagoya
August 15, 1981
“Nihon Shoken-shi Shiryo - Sengo-hen - Dai 1 kan (Historical Materials on the Securities Market in Japan - Volume 1) published
(Undertaken as a commemorative project to mark the 20th anniversary of the establishment of the Institute, work commenced in October 1979 on a schedule of 10 pre-war volumes and 10 post-war volumes to be published successively, with sponsorship from the Capital Market Promotion Foundation.)
December 1981
Nagoya Branch Office relocated to the Nagoya Shoken Kaikan Bldg. At this time, the Securities Library office was also expanded.
FY1986
(Oct 1985 - Sep 1986)
Endowment enhanced to 1 billion yen
(Breakdown: Capital Market Promotion Foundation - 820 million yen, Association of Tokyo Stock Exchange Regular Members - 104.2 million yen, Association of Osaka Securities Exchange Regular Members - 68.8 million yen, Tokyo Stock Exchange/Osaka Securities Exchange - 7 million yen)
November 21, 1990
New York Office established
July 1, 1995
Merger with Conference for Securities Associations
September 30, 1998
New York Office closed.
June 30, 2004
Dissolution of Institute member “Association of Tokyo Stock Exchange Regular Members” (Japan Security Dealers Association accepts the tasks hitherto performed by the Association of Tokyo Stock Exchange Regular Members.)
End December 2004
Nagoya branch office closed, library office closed
October 1, 2008
Osaka Office, Osaka Securities Library, transferred to current address at Osaka Heiwa Bldg, Sub-level 1.
April 1, 2010
The organization changed to “Public Interest Incorporated Foundation”.

 

Ⅲ.Activities

Objectives

Through surveys and research related to financial and capital markets, etc, the publication of results, and the compilation and release of materials, the Institute aims to promote related studies and contribute to the further development of financial and capital markets, while also securing and promoting opportunities to undertake economic activities fairly and freely, so that the invigoration of these markets will contribute to the improved stability of citizens’ lives.

Activities

In order to achieve objectives, this Institute undertakes the following activities.

  1. 1. Research studies

    Research studies related to financial instruments and financial instrument exchange, and financial and capital markets, and the extensive publication of results.

  2. 2. Lecture meetings

    Convening of lecture meetings related to financial and capital markets and general economic trends, and the extensive publication of meeting content.

  3. 3. Libraries

    Collection and organization of documents and materials related to financial and capital markets and general economic trends, and the opening and managing of “Securities Libraries” to make this information widely available to the public.

Specific activity details

  1. 1. Research studies

    There are three activity categories;

    1. (1) Study committee activities,
    2. (2) Other research study activities, and
    3. (3) Gathering and compilation of historical materials related to securities in Japan.
    1. (1) Study committee activities

      From an impartial and academic position, this Institute sets study committee themes and conducts study activities across a wide range of fields related to securities, financial and capital markets. At present, the following committees are engaged in studies.

      1. ① Financial Instruments and Exchange Act Study Committee,
      2. ② Securities Taxation Study Committee,
      3. ③ Stock market Study Committee,
      4. ④ Bond Market Study Committee,
      5. ⑤ Securities Management Study Committee,
      6. ⑥ European Capital Markets Study Committee,
      7. ⑦ Asian Capital Markets Study Committee,
      8. ⑧ Investor Protection Fund Systems Study Committee,
      9. ⑨ Study Committee on impact on the securities markets brought about by information technology innovation,
      10. ⑩ Asset Management Study Committee,
      11. ⑪ Securities Research Study Committee

      The membership of each study committee consists of researchers from this Institute serving as project managers or controllers, along with external academics and working level consultants, etc, who together promote research activities based on free themes from an impartial and academic position.
      The results derived from such research activities are summarized according to each theme, and efforts are made to publicize them to a wide readership through publication in book form and in the quarterly “Shoken Keizai Kenkyu” (Securities Economy Research) and the bi-monthly “Shoken Report” (Report of Research on Securities) periodicals of this Institute.

    2. (2) Other research study activities

      Other research study activities cover a wide range of themes such as

      1. ① Studies of domestic and overseas market trends and,
      2. ② Measurement of stock investment rate of return, etc.
      1. ① Studies of domestic and overseas market trends

        Researchers and specialist investigators of this Institute undertake; a) the introduction of overseas research papers to Japan, b) studies related to securities regulations in countries around the world, c) studies and analyses regarding the status of financial and capital markets in Japan and other key countries, d) studies and analyses of overseas securities related laws and regulations, etc.
        The results of these activities are widely publicized through books published by the Institute such as “Zusetsu Nihon no Shoken Shijo” (Introductory Guide Book to the Securities Market in Japan) in the “Introductory Guides to Securities Markets in Key Countries” series and “Shin-Gaikoku Shoken Kankei Hourei Shu” (New Japanese Version of Foreign Laws and Regulations on Securities) ”, and also through this Institute’s monthly periodical “Shoken Review” (Securities Review), the bi-monthly periodical “Shoken Report” (Securities Report), and in the “Topics” column on the JSRI website.

      2. ② Measurement of stock investment rate of return, etc.

        These activities measure the returns on a variety of investments such as long-term, medium-term and short-term investment, in relation to all companies listed in the First Section and Second Section of the Tokyo Stock Exchange, with measurements also categorized according to industry and market. Furthermore, measurements are available for all years from 1952 for the First Section and from 1973 for the Second Section of the Tokyo Stock Exchange. Measurement results have been recorded in CD-ROM format and compiled into books, while a summary of these results is available on the JSRI website.

    3. (3) Gathering and compilation of historical materials related to securities in Japan

      The gathering and compilation of historical materials related to securities in Japan entails; a) activities pertaining to the gathering and compilation of materials related to securities history in Japan, and the summarization of these materials in the publication “Nihon Shokenshi Shiryo” (Historical Materials on the Securities Market in Japan) and, b) as a part of the compilation of materials related to securities history in Japan activities, the various movements related to securities and capital markets are classified and organized according to “securities”, “financial” and “general” categories, with details posted monthly on the JSRI website, and compiled and published in book form covering a one-year period.

  2. 2. Lecture meetings

    This Institute undertakes activities to convene lecture meetings in order to widely publicize the results of research and studies related to financial and capital markets and general economic trends.
    There are two lecture meetings, the “Shoken Seminar” (Securities Seminar) and the “Shihon Shijo wo Kangaeru Kai” (Meeting for the Consideration of Capital Markets), and in principle, both meetings are convened once a month.
    In the “Shoken Seminar” (Securities Seminar), researchers from this Institute and external researchers take turns to act as lecturers, covering the research and studies they have undertaken in their specialist fields, to provide easy to understand reports on themes related to new issues and topics for discussion concerning recent securities markets.
    In the “Shihon Shijo wo Kangaeru Kai” (Meeting for the Consideration of Capital Markets), as a part of the research studies undertaken by this Institute, themes related to financial instruments and financial instrument exchange are taken up, and prominent academics, working level consultants and administrative officials, etc, are requested to take the stand as lecturers.
    The content of the lecture meetings is widely publicized through publication in the following month’s edition of this Institute’s periodical “Shoken Review” (Securities Review), and the entire text is also posted on the JSRI website.

  3. 3. Libraries

    Specific activities undertaken in relation to libraries are;

    1. (1) “Securities Library” management,
    2. (2) management of the “Kamekichi Takahashi Library”,
    3. (3) library catalog searches, etc, through the JSRI website and
    4. (4) reference services.
    1. (1) “Securities Library” management

      Documents and materials related to financial and capital markets and general economic trends are gathered and organized, and placed in “Securities Libraries” in Tokyo (Tokyo Securities Bldg 3rd Floor (Tokyo Shoken Kaikan), 1-5-8 Nihonbashi Kayaba-cho, Chuo-ku) and Osaka (Osaka Heiwa Bldg, Sub-level 1, 1-5-5 Kitahama, Chuo-ku, Osaka) that have been opened and are managed in order to widely publicize their content.
      The library in Tokyo was established in December 1966 and currently contains 33,700 volumes, while the library in Osaka, established in June 1971, contains 44,600 volumes.
      The opening times are from 9:30am to 5:30pm. Libraries are closed on Saturdays, Sundays, public holidays, over the year-end/New Year period and days when in-house re-organization activities are scheduled.

    2. (2) Management of the Kamekichi Takahashi Library

      Approximately 25,000 books and materials donated by the late Kamekichi Takahashi, a considerably accomplished economist and critic, form the “Kamekichi Takahashi Library”, which has been attached to the “Securities Library” in Tokyo, and made widely open to the public.

    3. (3) Library catalog searches, etc, through the JSRI website

      Documents and magazines in the possession of the Tokyo and Osaka libraries are organized and registered on the database. The search function available on this Institute’s website has been widely publicized and anyone can ① conduct book searches and ② conduct searches for research papers and articles related to securities.

    4. (4) Reference services

      This Institute undertakes reference services that respond accordingly to inquiries submitted from external sources regarding reference materials related to securities, etc.

 

Ⅳ.Publications, etc.

  1. 1. Serial publications:

    “Shoken Keizai Kenkyu” (The JSRI Journal of Financial and Securities Markets) (Quarterly)
    “Shoken Review” (Securities Review) (Monthly)
    “Shoken Report” (Securities Report) (Bi-monthly - Osaka Office)

  2. 2. Principal books (from 2003)

    “Nihon Shoken-shi Shiryo” (Historical Materials on the Securities Market in Japan)
    Pre-war volumes (Edited by JSRI Chief Researcher Kazuko Kobayashi - JSRI Edition)

    Volumes 1 - 9
    Mar 2000 -May 2013

    Post-war volumes (Edited by Professor Kaichi Shimura, Chiba University and JSRI Chief Researcher Kazuko Kobayashi - JSRI Edition)

    Volumes 1 - 10, Supplemental volume 1-2
    Aug 1981 - Jul 1996

    [“Zusetsu Shoken Shijou Shirizu” (Introductory Guide Book to Securities Markets Series)]
    JSRI Editions

    “Zusetsu Nihon no Shoken Shijo” (Introductory Guide Book to the Securities Market in Japan) 2014 Version (8th version) JSRI Edition (1st edition 2000)
    Feb 2014
    “Zusetsu America no Shoken Shijo” (Introductory Guide Book to the Securities Market in America) 2013 Version (10th version) (1st edition 1997)
    Mar 2013
    “Zusetsu Igirisu no Shoken Shijo” (Introductory Guide Book to the Securities Market in the UK) 2014 Version (6th version) (1st edition 1989)
    Dec 2014
    “Zusetsu Europa no Shoken Shijo” (Introductory Guide Book to the Securities Markets in Europe) 2012 Version (6th version) (1st edition 1992)
    Feb 2012
    “Zusetsu Asia no Shoken Shijo” (Introductory Guide Book to the Securities Markets in Asia) 2010 Version (2th version) (1st edition 2004)
    Apr 2010
    “Zusetsu Chugoku no Shoken Shijo” (Introductory Guide Book to the Securities Markets in Chaina) 2011
    Mar 2011

    [Translations]
    “Shin Gaikoku Shoken Kankei Hourei Shu” (New Japanese Version of Foreign Laws and Regulations on Securities) JSRI Translation

        America (I)
    Mar 2007
        America (II)
    Mar 2008
        America (III)
    Sep 2008
        European Union (EU)
    Dec 2007
        Germany
    Dec 2009
        United Kingdom
    Mar 2011

    [Rate of return related]

    “Kabushiki Toushi Shueki Ritsu” (Stock Investment Rate of Return) (CD Version) (2012 Version) (1st CD version - 2001 version)
    (Jul 1973) - Apr 2013

    [English language documents] JSRI Edition

    SECURITIES MARKET IN JAPAN 2014 (1st edition 1973 version, subsequently published biennially)
    Aug 2014
  3. 3. Materials/Reports

    “Kinyu Shohin Torihiki Hou Kenyu-kai Kenkyu Kiroku” (Financial Instruments and Exchange Act Study Committee Research Records)

    Volume 1 - Volume 45
    Nov 2003 - Aug 2014
  4. 4. Provision of information via website, etc.

    1. (1) Provision of information via website

      (http://www.jsri.or.jp/)
      From May 2001

      Other than an outline of this Institute, the website offers contents such as “What’s new”, “Study Committees”, “Lecture meeting records”, “Guide to publications”, “Securities Library”, “Securities Chronology” and “Stock investment rate of return”, in order to allow the timely provision of information regarding activity status, etc.

    2. (2) Provision of information via the “Shouken Toukei Portal Site”

      (http://www.shouken-toukei.jp)
      From Apr 2007

      This consists of a collection of links for the various statistics published by organizations related to securities, etc, which have been organized and classified according to genre to allow ease of use, and a section that introduce key securities related statistics through diagrams and tables.