Nomura is rumoured to want to issue samurai bonds for the city of Moscow.

ECONOMIST: Japanese bonds

Dealers at such firms estimate that, tellingly, yields on samurai bonds rise about half a percentage point once they are traded in the secondary market.

ECONOMIST: Japanese bonds

Before long salesmen may be flogging even riskier samurai bonds.

ECONOMIST: Japanese bonds

But despite all the inefficiencies of the samurai market, which make it a costly place to issue bonds, it is cheaper at present for them to borrow yen and swap the proceeds into dollars than to borrow dollars directly.

ECONOMIST: Japanese bonds