With long-demanded changes to Japan's Trust Law (see ASR 5/10/04) likely to be passed by legislators before year-end, banks are ready to take advantage of the changes.

For cost purposes, most deals in Japan are issued through trusts rather than SPVs. The current law allows a limited amount of assets - principally money, securities and property - to be sold into trusts. However, the revised law will allow copyrights, trademarks, patents and other intellectual property to be included.

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