The Japanese mortgage-backed securities market left 2000 as an infant and entered 2001 as an adult. The rapidly growing MBS market is expected to offer public issuance on a quarterly basis beginning in March.

The Government Housing Loan Corporation (GHLC), a government-sponsored entity created in 1950 which holds about 67 trillion, or 37%, of Japan's residential mortgages, is structuring a program similar to U.S. agency passthroughs.

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