Japan began to adopt the margin trading system as early as 195 1. After many reforms and improvements, it was very mature in the late 1980s and early 1990s. So far, it has played a huge role in supporting and promoting the Japanese securities market.

However, Japan's stock index futures came into being in the early 1980s and matured from 1987 to 1992 and 1994.

So the answer to your question is: Japan issues margin financing and securities lending first, and then issues stock index futures!