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Inside the Currency Market: Mechanics, Valuation, and Strategies by Brian Twomey

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Japanese Repo Market

Traditional Japanese repo markets were quite different from their Western counterparts because the Japanese viewed their repo markets more as a lending market rather than a buy-and-sell arrangement. The Japanese borrow and lend but not through an outright purchase and sale. The modern-day repo began with the General Repo and Special Collateral market. The General repo market was a source for banks to raise funds and served as the link to the money and interbank markets (Baba, Inamura, 2002).

The Special Collateral market was the link for dealers, called Tanshi companies, to the securities markets such as the all-important Japanese Government Bond (JGB). Traders and banks lend cash and bonds and then cash in at the repo rate. ...

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