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Tokyo Stock Exchange: Survey Regarding 10-Year JGB Futures Trading

Date 23/01/2009

In the 10-Year JGB Futures market at the Tokyo Stock Exchange (TSE), trading volume and open interest have been decreasing since the summer of 2008. We understand that, as a background for this trend, the credit crunch caused by the recent worldwide financial crisis has had no small effect on the market. However, some have pointed out that the reduction in market liquidity also causes negative impacts on the convenience and functionality of the 10-Year JGB Futures.

In light of these circumstances, the TSE has decided to conduct a survey of public opinion on the 10-Year JGB Futures from TSE trading participants for reference in order to improve the operation and maintenance of the market. The survey pertains to participants' trading activities as well as the market rules and framework.

TSE, will appreciate if you would answer the questionnaire and return it to us by fax or e-mail by February 16. 2009. If you are conducting multiple types of business in this market, please answer for each type.

TSE deeply appreciate your candid opinions and kind cooperation.

(appendix) Questionnaire about 10-Year JGB Futures Trading Excel