BNP Paribas

Derivatives House of the year, Japan

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The Japanese financial markets did not escape the fallout from the subprime mortgage market problems and the consequent seizure in the funding markets. Plunging Japanese equity markets eroded the value of Japanese investments and wild currency moves affected the relative merits of the ever-popular carry trade. Weakness in the US economy and the greenback also reigned in Japanese exports and therefore growth.

And the introduction of new rules in the country - such as the Financial Instruments and