After taking off in fits and starts over the last two years, Japan's domestic asset-backed market is finally showing signs of growing up.

Lack of paper in the domestic market, investors hungry for investment opportunities, and thinning spreads have all made it an ideal environment for domestic issuance in recent weeks. "From an originator's point of view, the current domestic market is very good. That is why so many are funding in the domestic market," said Yoichi Iga, manager of asset securitization at Daiwa SB Capital Markets.

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