Japan: Where have all the issuers gone?

Despite brighter prospects for the Japanese economy, corporate issuers are not rushing back to the international or domestic bond markets. Chris Wright reports.

The view from the JGGBs

By Chris Wright

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JAPAN’S ECONOMIC REVIVAL, recent stock market jitters notwithstanding, is surely for real this time. But the revival is not being matched by a thirst for funding in the debt capital markets.

In 2006 to May 19 there were 44 issues from Japanese borrowers in the international bond markets, according to Dealogic, making it unlikely that 2005’s full-year figure of 111 will be reached this year. In domestic issuance, yen-denominated issues this year so far total the equivalent of $46.3

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