Fiscal year 31 December. The 2001 tax year was nine months, from April to December. In Israel, the fiscal year is the calendar year, 1 January to 31 December. In Italy, the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June. In Japan, the government's financial year is from 1 April to 31 March. The fiscal year is represented by the calendar year in which the period begins, followed by the word "nendo" (年度); for example the fiscal year from 1 April to 31 March is
Financial system have full banking licenses. Non-bank financial institutions include: Financial markets are markets in which securities, commodities, and fungible items are traded at prices representing supply and demand. The term "market" typically means the institution of aggregate exchanges of possible buyers and sellers of such items. The primary market (or initial market) generally refers to new issues of stocks, bonds, or other financial instruments. The primary market is divided in two segment, the money market and the capital market. The secondary market refers to transactions in financial instruments that were previously issued. Financial instruments are tradable financial assets of any kind.