Credit Risk in Japans Corporate Bond Market - FEDERAL RESERVE BANK of NEW YORK

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Current Issues in Economics and Finance

Credit Risk in Japan’s Corporate Bond Market

November 1999 Volume 5, Number 15

JEL classification: G15, G32

Author: Frank Packer

From the fall of 1997 to the spring of 1999, yield spreads in Japan’s corporate bond market increased sharply. An analysis of this rapid rise suggests that Japanese investors in corporate bonds may be paying closer attention to the credit risk of individual issuers. Such a shift in investor focus would represent a major change in the structure of this market.

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6 pages / 236 kb

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