Changes in regulations in 1920 allowed the formation of a special class of brokers on the Tokyo and Osaka stock exchanges for term transactions involving government bonds. Bond trading on the exchanges had been virtually nonexistent since 1912, and the government was anxious to gain the cooperation of the banks to instill new life into the bond market. In 1922, a separate group was formed on the exchanges for actual delivery transaction, followed in 1924 by still another class of brokers for short-term transactions.
