With the finalized numbers now in, it appears the market for collateralized debt obligations in Japan cooled its heels when it came to new issuance last year.

Moody's Investors Service said this week that 20 Japanese CDOs were rated in 2004 for a total volume of 0.72 trillion. This was a dramatic drop in issuance. In 2003, Moody's rated 4.24 trillion of Japanese CDOs. However, there was significant CDO upgrade activity in this overseas market.

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