Credit Risk in Japan's Corporate Bond Market

6 Pages Posted: 26 Jun 2007

See all articles by Frank Packer

Frank Packer

Bank for International Settlements (BIS)

Date Written: November 1999


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.

Keywords: corporate bonds, credit risk, keiretsu, yield spreads, Japanese economy

JEL Classification: G15, G32

Suggested Citation

Packer, Frank, Credit Risk in Japan's Corporate Bond Market (November 1999). Current Issues in Economics and Finance Vol. 5, No. 15, November 1999, Available at SSRN: or

Frank Packer (Contact Author)

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
4161 280 8449 (Phone)

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