Global Banks Expand Japan Debt Capital Markets Teams as Bond Issuance Surges

International banks are staffing up their Japan debt capital markets (DCM) desks as a surge in Japanese corporate and government bond issuance drives deal flow. Rising Japanese yields — a consequence of the Bank of Japan's ongoing normalization — have attracted global fixed-income investors and made yen-denominated bonds more competitive on a hedged basis, prompting firms including European and US banks to add specialists in Tokyo.