Structured Uridashi delivered a lagging year (again), and now Japanese investors eye retail Japan Government Bonds and the credit market.

Japan’s structured Uridashi, also locally known as complex structured bonds, recorded continuous sluggish sales in 2025, with volumes falling 15% year-on-year to JPY2.1 trillion (US$13 billion), according to the latest report from the Japan Securities Dealers Association (JSDA). JSDA: complex structured bonds sales in Japan from 2H 2023 to 2H 2025 (in JPY billion) Source: Japan Securities Dealers Association Almost all of these volumes came from private placements, which saw lower inve