Asset-backed issuance in Japan has slowed down noticeably of late, leaving domestic investors scrambling for the few ABS issues launched since the fiscal-year end in March.

But the respite is only temporary, and another wave of ABS deals will hit the market in the coming weeks, according to Yu-Tsung Chang, director of structured finance ratings at Standard & Poor's in Tokyo. "Right now it is a slow period, but we are starting to see activity pick up again," he said. "Between July and September, if everything gets done we may see close to 20 deals."

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