INTERNATIONAL BOND ISSUANCE by Japanese borrowers has been rather meagre in recent years, particularly in non-yen currencies. In 2002, they raised just $8.3 billion in dollar- and euro-denominated bonds.
Historically, the most frequent visitors have been government-guaranteed borrowers that are permitted to issue a certain amount of debt backed by the Japanese finance ministry.
These bonds have a zero risk weighting according to the capital adequacy rules of the Bank for International Settlements (BIS), and are thus popular with institutional investors.
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