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Why the World's First Futures Market Began with Japanese Rice

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In the late 17th century, the prototype of today's futures market existed in Dojima, Osaka, Japan. What was traded was not harvested rice, but the right to receive rice that had not yet been harvested. One of the quietest yet most significant revolutions in financial history began here. Futures appear to be a modern financial instrument, but their roots reach back more than 300 years. And the starting point was neither New York nor London — it was Osaka, Japan. Why rice, and why Japan. Having long followed both finance and history, I spent time digging into this question. What gradually emerged was the nature of the futures market itself, and that is what this piece is about. What Was Dojima In Edo-period Japan, rice was currency. Samurai and feudal lords received rice as stipends, and taxes were paid in rice as well. Osaka was the logistics hub where rice from across the country converged, and Dojima was the official market where that rice was traded. The problem was that rice is ...
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Korea's First Futures Market: The Rise and Fall of the Incheon Midujang

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About 170 years after the world's first futures market was established in Osaka, Japan, a similar market appeared on the Korean peninsula. It was the Incheon Midujang (米豆取引所), founded in 1896. Trading rice and beans, as its name suggests, it remains one of the most forgotten scenes in Korea's modern financial history. Korea's capital markets today are world-class, yet few know that the Midujang stood at their starting point. Why was this market created, what did it trade, and how did it end. Following that arc reveals the roots of Korean finance. As someone who has long followed both finance and history, I spent time tracing the rise and fall of this market. The record is short, but never light. Why the Midujang Appeared In the late 19th century, Korea's grain markets swung sharply with the opening of its ports. Rice and beans were both major exports and daily necessities, and their prices moved with seasons and global events. Yet the purpose of the Midujang was not to ...
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The Man Who Won 100 Trades in a Row: Honma Munehisa

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If the Dojima rice exchange created the prototype of the futures market, the most famous figure to trade there was someone else entirely. Honma Munehisa, the legendary rice merchant from Sakata. Born in the Dewa region in 1717, he was adopted into the Honma merchant family of Sakata at twenty-three. People called him the God of Trading, or the God of the Market. Legend says he recorded 100 consecutive profitable trades. He is also known as the man who devised the candlestick chart that investors around the world use today. As someone who has long followed both finance and history, I have spent time separating record from legend in his story. The two are intertwined, yet the principles he left behind remain valid. And in his story, there is something that outlasts his trading records. From Sakata to Osaka Munehisa was born into a rice merchant family in Sakata, in northern Japan. Sakata was one of the most important grain ports in the country at the time. From childhood, he watched rice...
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