earticle

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In Japan many economists think that the 1990's main reason of a slump in stock in Japan is Stock Price Index Futures that introduced at 1988. This paper analyzes the effect of Stock Price Index Futures on Spot Market in Japan.
The result of this study is as follow; First, There is expect usually that a slump in stock price occurs because of a large quantity of sell at spot. But according to this study average stock price was sustainable because that large amount of sell and buy at spot in clearing day
simultaneously.
Secondly, the fluctuation of stock price at spot market was nothing less than 13.8% per day by arbitrage transaction. It seems explain that the fluctuation of stock price at spot market is less relation with arbitrage transaction.
According to these result we can explain what 1990's main reason of a slump in stock in Japan is not stock price index futures but the system of weakness of Japan's spot stock market.
Finally, we have to study about restructuring of spot stock market for find reason of instability at stock market.