Are 有価証券 and marketable securities the same?

The concept of “有価証券” (yukashoken) in Japan covers pretty much all sorts of securities – notes, deposit certificates, bonds, stocks, and beneficiary certificates.  They have short-term maturities, long-term maturities, or no maturity at all.  They are typically liquid, but some yukashokens are not liquid (i.e., 第二項有価証券 under the Financial Instruments and Exchange Act of Japan).

“Marketable securities” in English, on the other hand, are a subset of securities, which have the following characteristics:

1. very liquid (active market exists), and

2. maturing in less than one year