**4.4 Tokyo stock exchange**

The Japanese financial market occupies third place after the financial market of America and the financial market of Britain, and the first financial markets were established in Japan in (1878 AD), namely the "Tokyo" market and the "Osaka" market. The Japanese financial market played an important role in the process of financing the industry resulting from the wave of economic development in Japan during the nineteenth and twentieth centuries, which made the Japanese government interested in developing and modernizing the Japanese financial markets, taking advantage of the American experience in this field, until the Tokyo Stock Exchange became one of the largest Competitors of the New York Stock Exchange in the second half of the twentieth century [35, 36].

Among the most important characteristics of the Japanese financial market [1]:

