Equity derivatives volumes surge in Japan

Equity derivatives volumes surged in Japan in the last six months of 2003, with the notional amount of contracts outstanding among Japanese dealers reaching $5.9 billion at the end of December, a gain of 237.8% over the first half of the year, according to figures from the Bank of Japan.

The gains follow a recovery in the Nikkei 225 stock index, which rose 26.73% over the six-month period to finish the year at 10,676.64, prompting Japanese investors to snap up equity-linked structured investments