January saw a slight decline in Japanese issuance with 83 products launched, four fewer than in December. The estimated sales volume for these products is JPY309.97bn (US$3.47bn), an average JPY3.69bn (US$41.26m) per product. A modified tax regime came into force this month, which is expected to affect structured products coupon distributions. Product providers Fourty-eight providers launched products this month, including banks Kommunalbanken, Eksportfinans ASA, Mizuho Bank, E Bank, and Shin