Cautious dip into foreign waters

Japan's government-guaranteed borrowers roared back to the international capital markets last year with a series of large new benchmark offerings. They were well received by international buyers, then favourably reappraising the Japanese economy. This year however, there has been renewed caution among government-guaranteed borrowers and a reluctance to approach international markets that have become volatile. But Japanese corporate borrowers may have to turn to the markets. Kevin Rafferty reports