Following the regulatory notice in July 2023, only three structured note distributors remain active in the mass retail market.

Structured Uridashi is Japan's main vehicle to deliver public-distributed, non-fully principal-protected structured notes in Japan. It is often constructed with equity shares or indices in the underlying.  In 2023, the sales volume for structured Uridashi was less than one-tenth compared with 2021’s -  Tomoyuki Sasai  Over the course of the years, the structured Uridashi market has grown on the mass retail side, while non-retail investors usually go through private place

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