NODA AKIHIKO    Department   Undergraduate School  , School of Commerce    Position   Professor
Research Period	2017/04～2020/03
Research Topic	Price formation and market management in commodity exchanges after World War I: Empirical research by using the Dojima Kome Shijo Monjo
Research Type	KAKENHI Research
Consignor	Japan Society for the Promotion of Science
Research Program Type	Grant-in-Aid for Scientific Research (C)
KAKENHI Grant No.	17K03863
Responsibility	Research Contributor
Representative Person	MAEDA Kiyotaka
Details	The functions and management of the Osaka-Dojima Rice Exchange were not stable after World War I, although it was the largest commodity exchange in Japan before World War II. The Japanese government enforced the Rice Law in 1921 and the Rice Control Law in 1933 to strengthen its intervention in the rice market, and the futures market tended not to form the adequate price serving as an index of the spot price. This fluctuation of the function caused a decrease in the trading volume, and business conditions of the exchange deteriorated because its commission income from rice futures trading declined. Accordingly, the exchange diversified its businesses by establishing forward market and expanding investment in securities and real estate.