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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.

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.

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.

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)

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.

DESPITE the cancellation of Rocla Industries' IPO last week, bankers were quietly confident that HIH Winterthur's secondary share sale could be completed today (Friday). The Australian insurer's parent could raise A$446m ($277m) from the sale, and the book was thought to be covered at the end of the first week of bookbuilding.

SPREADS on Malaysian paper widened by about 50bp this week following official confirmation that the government has temporarily abandoned plans to launch a $2bn global bond to fund its asset management corporation, Pengurusan Danaharta Berhad. The decision to postpone the JP Morgan and Warburg Dillon Read-led deal was taken last Thursday after Moody's placed Japan under review for a possible downgrade, and as renewed concerns about Russia began to push its spreads out to historically high levels.

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.

China Moody's placed the ratings of nine Chinese banks under review for possible downgrade on Wednesday, citing a "continued deterioration in the financial fundamentals" in the system and a "widening credit risk disparity" resulting from "weakening regulatory support to regional financial institutions".