The increasingly sophisticated Japanese ABS market, might soon see a world first, if ambitious plans to securitize film revenues come to fruition.

Computer game developer Square Co. recently announced that it is working with IBJ Securities to parcel future profits from a yet-to-be-completed movie version of its popular "Final Fantasy" video game.

Square is producing the film with Columbia Pictures and is having to come up with more cash as production costs have risen to $115 million, rather than the envisaged $70 million.

A Square official said that bankers had told them that the deal was possible, though experts doubted that there would be enough certainty in the film's success to produce a viable asset-backed deal without recourse to other assets. IBJ declined to comment.

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