By Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi
The japanese capital markets have been liberalized, decontrolled and more and more opened to international participation within the Nineteen Seventies. The mounted source of revenue industry relatively extended to finance the govt. monetary deficits beginning in 1975. even though, development within the non-Government part of the marketplace for Japan has been a more moderen phenomenon and a objective of policymakers in Japan and Asia given that 1997. those markets are actually moment in simple terms to these within the usa and dominate the issuance marketplace within the Asian Pacific quarter. The latter doesn't shock because Japan is moment basically to the us in debt issuance globally and in recent times has had one of many worlds greatest govt bond and rate of interest derivatives markets. in spite of the fact that, those relationships usually are not static and the portfolio flows among jap fastened source of revenue markets, the Asia Pacific sector and the remainder of the area. This is still an issue of substantial value for institutional traders, significant banks and governments. The efforts of the authors who've contributed to this quantity will measurably upload to our realizing of the japanese fastened source of revenue industry. This quantity is dependent into 4 components: Macroeconomic Environmental improvement, credits threat Measures and administration, rate of interest research and industry Integration sections. There are seventeen chapters within the quantity with thirty-one authors, lots of whom are popular in educational and practitioner features of the mounted source of revenue markets box, contributing their perception to this quantity. it's a 4 half quantity that provides to the certainty of the japanese mounted source of revenue marketplace, the place 17 chapters and 31 authors make certain quite a lot of services and perception, and the point of interest is put on macroeconomic environmental advancements, credits danger measures and administration, rate of interest research and marketplace integration.
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Additional info for Japanese Fixed Income Markets: Money, Bond and Interest Rate Derivatives
Homer, S. and R. Sylla (1996) A History of Interest Rates. New Brunswick, NJ: Rutgers University Press. N. A. Batten (2003) Forecasting credit spread volatility: Evidence from the Japanese Eurobond market. Asia-Pacific Financial Markets 10: 335–357. Kuratani, M. and Y. Endo (2000) Establishing new financial markets in Japan. NRI Papers No. 6, Nomura Research Institute. A. S. Schwartz (1995) A simple approach to valuing risky fixed and floating rate debt. Journal of Finance 50: 789–819. A. F. Maxwell (2000) The stochastic nature and factors affecting credit spreads.
Econometrics Journal 4: 210–224. This page intentionally left blank Macroeconomic Environmental Developments This page intentionally left blank Chapter 2 RECENT DEVELOPMENTS IN JAPAN’S CORPORATE BOND MARKET Peter G. Szilagyi 1. INTRODUCTION It has been nearly two decades since the burst of the asset bubble halted Japan’s economy and exposed the weaknesses of its bank-based financial system. It was never going to be easy to restore the banking sector’s health, but Japanese banks struggle with bad loans and a debt overhang to this day.
Equally detrimental has been the fact that borrowers have been increasingly taking issuance abroad, to the Euroyen market, in search of better conditions despite higher yields. On the demand side, broader development of the market is hindered by the fact that less credit-worthy issuers are automatically priced out. Standard and Poor’s (2005) points out that only 6% of outstanding bonds carry a non-investment-grade credit rating of BB+ or less, and the vast majority of these had been investmentgrade at issue.