K^+K^- production in two-photon collisions has been studied using a large data sample of 67 fb^{-1} accumulated with the Belle detector at the KEKB asymmetric e^+e^- collider. We have measured the cross section for the process gamma gamma -> K^+ K^- for center-of-mass energies between 1.4 and 2.4 GeV, and found three new resonant structures in the energy region between 1.6 and 2.4 GeV. The angular differential cross sections have also been measured.
The cross section of the γγ → p p reaction was measured at two-photon center-of-mass energy ( W γγ ) between 2.2 and 3.3 GeV, using the two-photon process at an e + e − collider, TRISTAN. The W γγ dependence of the cross section integrated over a c.m. angular region of | cos θ ∗ | < 0.6 is in good agreement with the previous measurements and the theoreticalv prediction based on diquark model in the high W γγ region.