Currently, you may see a high concentration of issuance in a few countries by a few issuers. But, in our experience, markets are very unlikely to remain static. Our presence in the market will also spur supply in countries where today supply is limited. BIS central bankers’ speeches  3
Based on an international agreement, full implementation of the finalized Basel III standards has been deferred by one year, and banks have been encouraged to use their capital and liquidity buffers. Moreover, the Bank announced with the Financial Services Agency in April an easing of the leverage ratio requirement. These responses have been effective. Although financial markets are still nervous, tension has eased.