Japanese commercial mortgage-backed securitization has only taken off in the past year, but some asset-backed pros in Tokyo are already looking ahead to the next phase: commercial real estate conduits.

Several firms in Tokyo have begun the preliminary work to set up Japanese commercial real estate conduits, and as many as four are expected to close in a year's time. "It's mostly the foreign banks who are working on this, since they have the expertise to put them together. But many people have been thinking of doing this," said one pro in Tokyo.

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