Registered notes continue to dominate a market which has been hit by a severe drop in sales in recent years.
Structured products in Japan are wrapped as registered notes (unlisted), also known locally as Uridashi notes. We must go back to 2018, to find a small percentage (less than two percent) of products featuring a different wrapper, either investment certificate, fund or bond. In 2023, an estimated JPY100 billion (US$650m) was collected from 78 registered notes – down 87% by sales volume YoY and a decrease of 94% compared to 2021. The drop in sales was driven by the Financial Services Agenc