trading restrictions in the interbank foreign exchange (FX) market for Japanese banks during the Tokyo lunch period. Ito …, Lyons, and Melvin (1998) (ILM) argue that this deregulation resulted in a highly significant shift in the volatility pattern … of the Tokyo lunch period. Moreover, we document that the standard variance-ratio methodology inference in this high …

this view. The evidence comes from the introduction of trading in Tokyo over the lunch-hour. Lunch return variance doubles … private value is transitory. Finally, the morning exhibits a clear U-shape when Tokyo closes over lunch, and it disappears …

/settlement price for the day. Major fixings occur at 9:55 am Tokyo time for transactions between Japanese banks and their customers … provision at the fixing time is larger than other times, which makes the price impact of any trade smaller. At the Tokyo fixing … liquidity at the Tokyo fixing as well, such financial institutions had announced prices to be more favorable for banks up until …

In analyzing the dynamics of Tokyo housing price, we have compiled annual micro data sets from individual listings in a … regressions give estimates of price and rent increases in the last 11 years in Tokyo. According to these estimates, prices …