Issuers

The type of bond available in the Japanese market depends on the issuer. For example, a Zaito Institution—public corporations participating in the government's fiscal investment and loan program—issue Zaito Institution bonds. Meanwhile, foreign or offshore borrowers may issue samurai or shogun bonds.

Government

The Government is the largest issuer of bonds in the market. Other issuers include quasi-government institutions and government-guaranteed local banks and corporations. Zaito Institutions and municipalities are among the quasi-government issuers. Zaito Institution bonds are issued by Zaito Institutions—public corporations participating in the government's fiscal investment and loan program—without a government guarantee.

Corporate

Corporate bond issuers in Japan are categorized by industry. These include, but are not limited to, automotive, chemicals, computer and information technology, electronics, and telecommunications. The report on corporate issuance is provided by Japan Securities and Dealers Association (JSDA).

Bank debentures in Japan were issued by Aozora Bank, Bank of Tokyo-Mitsubishi, Mizuho Bank, Mizuho Corporate Bank, Norinchukin Bank, Shinkin Central Bank, Shinsei Bank, and Shoko Chukin Bank.

Supranational

In the past, organizations such as the World Bank have issued shogun bonds (foreign currency-denominated bonds that are issued in Japan by foreign entities).

Foreign or Offshore Borrowers

Foreign or offshore borrowers may issue samurai or shogun bonds. Samurai bonds are JPY-denominated bonds issued by non-Japanese entities in the Japanese domestic market. The market was initially limited to government and semi-governmental issuers, although corporate multinationals now comprise a portion of the market. Market growth has slowed since the euro–yen market was launched. Shogun bonds are foreign currency-denominated bonds that are issued in Japan by foreign entities. Organizations such as the World Bank have issued these types of debt instruments in the past.