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Arbitraging JapanDreams of Capitalism at the End of Finance$
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Hirokazu Miyazaki

Print publication date: 2013

Print ISBN-13: 9780520273474

Published to California Scholarship Online: September 2016

DOI: 10.1525/california/9780520273474.001.0001

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PRINTED FROM CALIFORNIA SCHOLARSHIP ONLINE (www.california.universitypressscholarship.com). (c) Copyright University of California Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CALSO for personal use.date: 01 August 2021

Introduction

Introduction

Chapter:
(p.1) Introduction
Source:
Arbitraging Japan
Author(s):

Hirokazu Miyazaki

Publisher:
University of California Press
DOI:10.1525/california/9780520273474.003.0001

This introductory chapter sets out the book's purpose, which is to demonstrate the complexities, intricacies, and subtleties of thinking afforded by the sensibilities of arbitrage. Arbitrage, sometimes called “relative value trading,” is ideally risk-free or low-risk trading in which traders aim to capitalize on economically significant variations in the market's valuation of what the traders regard as equivalent or linked assets. The book discusses the use of the category of arbitrage among a group of Japanese traders specializing in arbitrage operations in the Japanese financial markets since the late 1980s. It examines the thoughts, imaginations, and dreams inspired by theories and techniques of arbitrage. By drawing attention to the particular way the idea of arbitrage has inspired a broad range of thought experiments and imaginations in a Japanese securities firm's trading room, the book suggests that theories and techniques of finance could serve as a source of inspiration for a critique of capitalism.

Keywords:   financial markets, Japanese traders, Japan, arbitrage, capitalism, finance

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