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* The Italian parliament last week passed a law designed to accelerate foreclosure on mortgages. The move could help the country's banks to clear up their hefty non-performing loan portfolios -- several are considering securitising delinquent loans of all kinds. Foreclosure procedures are complex, and the courts typically take five to eight years to repossess a property. The new law amends the procedural code to allow courts to delegate some of their duties to public notaries.

In a typical asset-backed note issue, a pool of collateral is purchased by a special purpose company through the issuance of notes.

The window of opportunity for Japan's banks to raise fresh capital slammed shut on March 31 with the end of Japan's financial year. Shortly after that date, Japanese banks were forced to disclose bad loans according to standards closer to international benchmarks.

Politicians and market-watchers around the world are pleading with Japan to fix its economy and to play its part in averting the risk of global deflation.

Numerous developments are taking place in Japan's rapidly deregulating financial markets - all of them bringing vast opportunities to foreign intermediaries and fund managers. They are also providing a far greater range of investment products and, it is hoped, increased returns for domestic and foreign investors.

The announcement by Moody's Investor Services at the end of July that Japan's foreign currency rating had been put on review for possible downgrade was hardly a surprise.

It is said that all revolutions start from the street level. Some argue that this is what will happen in corporate Japan. The government and its decisions are only part of the equation in revitalising Japan's economy.

There is a curious phenomenon in the Japanese equity markets. Companies and the government are reluctant to issue new stock in the primary or secondary markets at what they consider to be such low prices.

THE EXPORT-IMPORT BANK OF JAPAN (Jexim)

What is your company doing to capture a larger share of the Japanese asset management industry? The mutual fund sector alone is already estimated to be worth more than ¥44tr and this is just the tip of the iceberg.

MERRILL Lynch's secondary sale for New York-listed China Brilliance was unceremoniously pulled hours after Euroweek went to press last week. Bankers said they were not surprised by the development but sources close to the deal said the issuer delayed the issue seeking a higher price. A discount of well over 10% was thought to be being demanded by many investors, according to bankers. Indonesia

THE REPUBLIC of the Philippines continues to forge ahead where other Asian sovereigns fear to tread, scheduling the launch today (Friday) of its fourth Libor/T-Bill pass-through note and laying plans for the region's first euro-denominated financing early this autumn. The republic needs to raise funds to bridge its budget deficit, and the BB+/Ba1 rated credit also hopes that any new deal will further underline its reputation as one of Asia's most innovative and increasingly limited number of international borrowers.