Japan's asset-backed market kept busy in recent weeks, thanks to a steady stream of auto loan- and lease-backed issues from both first-time and repeat ABS originators.

A growing pool of ABS investors, combined with a limited supply of corporate bond issues, have made conditions ideal for issuance in the domestic market. "There is a slight Japan risk premium in the Euromarket, and straight bond issuance has been slow in Japan since April, so domestic investors are showing much demand for yen-denominated paper," commented a structured finance banker in Tokyo.

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