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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, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CALSO for personal use.date: 28 January 2022

Economy of Dreams

Economy of Dreams

(p.89) Chapter 4 Economy of Dreams
Arbitraging Japan

Hirokazu Miyazaki

University of California Press

This chapter focuses derivatives trader Tada, and his fascination with the kind of transparency that he believed money would bring to his relationship with himself. The starting point of the discussion is a spreadsheet Tada created in January 1999, after his trading team was disbanded, to compute his own market value. As a result of this calculation, Tada took a greater risk than he had ever taken in his career and quit Sekai Securities to join an independent investment fund. The chapter traces the trajectory of Tada's changing views on the relationship between money and what he termed “self-realization.” It examines his heroic effort to arbitrage every possible inefficient market in Japan and the relationship of this effort to his own personal dreams, which included making enough money to retire early and bicycle around Japan.

Keywords:   Tada, Japanese derivatives traders, transparency, spreadsheet, self-realization, arbitrage

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