noun
Financial term for the difference between buying and selling prices, or between two price levels. Common in stock, commodity, and foreign exchange contexts.
この銘柄は値鞘が狭いので、短期売買には向かない。
This stock has a narrow spread, so it's not suitable for short-term trading.
為替市場では、値鞘が広がると取引コストが増える。
In the foreign exchange market, when the spread widens, transaction costs increase.
Compound of 値 (price) and 鞘 (sheath, case), originally referring to the gap or difference between prices, like the space inside a sheath.