European and US borrowers have raised more than $20 billion in the domestic Japanese bond market so far in 2003. Issuance is expected to rise further this year as demand increases.
Japan’s domestic bond market has been a reliable source of cheap debt for highly rated European and American borrowers since the 1980s. However, issuance fell slightly in 2002 because of investor uncertainty about the direction of the Japanese economy. The market has been significantly busier in the first quarter of 2003.
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