The world is awash in stock markets. Almost every country has one, many have several, and if you include commodities and derivatives exchanges and electronic trading systems that act like markets, you get a number around 300. The last year of the 20th century began amid widespread fears of a global credit crunch and a global recession.
Locals drink apple wine by the pitcher and night life can be hard to find.
If there is to be a truly international market, the United States is the leading candidate to be its host. Yet in several ways the U.S. government is discouraging development of global trading. For one thing, the Securities and Exchange Commission is a tough task master. The benchmark Nikkei-225 average has risen by more than 30 percent since March, and it promises to move significantly higher before the end of the year. Strengthening signs of economic recovery are propelling the stock rally and at the same time signaling an end to the long bull market in Japanese government bonds.