NEW YORK - Despite the deep recession that Japan continues to endure, securitization has bloomed and may just be the answer to many of the country's existing problems, said speakers at last week's conference, Finding value: The risks and opportunities in Japan's emerging securitization market, hosted by the Japan Society.

With about 100 attendees, the conference provided a variety of panelists ranging from rating agency analysts to theoretical analysts of credit enhancements to market participants working on deals. "I thought there was a broad spectrum of opinions and I think people were pretty honest," said Frank Cavallo, managing director of global securitization at Citibank and a panelist at the conference. "Japan has changed a lot, securitization has grown percentage-wise very much in the last few years but is still very small compared to the U.S."

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