Interest Rates Reach Nearly 30-Year Highs: Japanese Corporate Bond Market Undergoes Changes, Record Issuance but Expected to Remain Flat This Fiscal Year

智通财经2026/07/21 02:26

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(1) The Japanese corporate bond market is undergoing structural changes as the benchmark interest rate climbs to its highest level in nearly thirty years—while issuers are facing higher financing costs, investors' willingness to allocate funds to fixed income securities has increased, spurring a new round of capital inflows. (2) The head of Mitsubishi UFJ's debt capital markets department pointed out that against a backdrop of returning inflation, companies are more inclined to use funds for capital expenditure to drive revenue growth, rather than simply cutting costs. (3) In the previous fiscal year ending March this year, the total volume of corporate bond issuance reached 16.7 trillion yen (approximately $103 billion), setting a record high; although securities firms' statistical criteria differ, it is generally expected that total issuance this fiscal year will remain roughly flat compared to last year.

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According to the Financial Times, JPMorgan CEO Jamie Dimon had a phone conversation with the UK Chancellor of the Exchequer, Rachel Reeves, last week, warning her not to raise taxes on the banking industry. The UK government is currently considering introducing new taxes on banks before the October budget. Dimon stated that an uncompetitive tax regime could weaken London as a financial center, potentially leading to an outflow of capital and financial jobs from the UK.

智通财经•2026/08/16 20:26