Damon Evans, SINGAPORE: Japan's first exchange for liquefied natural gas (LNG) has opened for business as it seeks to break a rigid price-setting system that has driven up its energy import bill in the wake of the Fukushima nuclear disaster. Big LNG buyers, such as Tokyo Gas and Mitsubishi Corporation, will be able to trade non-deliverable forwards - a type of futures contract without any physical settlement - on the new platform called Japan OTC Exchange (JOE), instead of nailing private, bilateral deals. Seventeen domestic and foreign companies are involved, including major power and gas providers, as well as trading houses.
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