JGB Futures

40th Anniversary of the JGB Futures Market

On October 19, 1985, Tokyo Stock Exchange established the Japanese government bond (JGB) futures market with the listing of 10-year JGB Futures, which was Japan's first financial futures product (Note: 10-year JGB Futures are now listed on Osaka Exchange).
On the occasion of the market’s 40th anniversary, we are pleased to present its history thus far and the initiatives we have undertaken in commemoration.

Comment by Yokoyama Ryusuke, President & CEO of Osaka Exchange

This year marks the 40th anniversary of the establishment of the JGB futures market.
We believe this milestone is entirely the result of the cooperation of investors and other market participants.
From its establishment to the present, the JGB futures market has evolved alongside the trends of Japan's financial markets. Throughout this period, we believe that the risk hedging functions that we provide for the cash JGB market have contributed to the stable consumption and smooth circulation of JGB issuances, and ultimately to the stability of Japan's financial markets.
Currently, we are returning to a “world with interest rates,” and the role played by JGB and interest rate futures is being reevaluated. We will continue our efforts to ensure stable market operations and enhance convenience for market participants.

Changes in the Trading Volume and Open Interest of 10-year JGB Futures

Related Content

We are pleased to present the following content in commemoration of the JGB futures market’s 40th anniversary.

The Journey of JGB Futures and Options on JGB Futures (2015–2025)

Here is a report on trends in the JGB Futures market and the Options on JGB Futures market from 2015 to 2025 (only in Japanese).
The Journey of JGB Futures and Options on JGB Futures (2015–2025)

Futures & Options Reports

Here are some reports in commemoration of the 40th anniversary (only in Japanese).
September 2025
October 2025

Articles in the Media

Here are some articles that were contributed to the media in commemoration of the 40th anniversary.

Finance Facsimile News

Reference