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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