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The Dōjima rice exchange is an interesting piece of historical past: this small island in the Osaka river delta was the world’s first futures exchange, in late seventeenth and eighteenth century Japan. Though at this level it was still purely a commodity market, dealing within the buying and promoting of bodily rice, it's somewhat impractical to carry round even a single koku-so the actual exchange would often be of receipts for rice saved in one of many warehouses. To handle all of the rice that flowed by the city, warehouses sprung up that provided to store rice in exchange for a charge, and Osaka turned the place to be for anyone who wanted to buy, sell, or store rice. Rice was easy to measure and readily out there, in contrast to official currencies, and thus grew to become an important substitute foreign money. But in the wake of Tokugawa’s unification of Japan within the seventeenth century followed an era of relative prosperity, by which demand for laborious forex quickly outpaced supply. However, many individuals nonetheless discover the relative price of transactions to be exorbitant
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