CP is an efficient method for raising short-term funds for the issuing corporations and is also an important vehicle for investors to manage short-term funds. Japan’s CP market was established in November 1987 and has become even more convenient with the build-out of the market infrastructure, including the digitalization of CP from March 2003. Ueda Yagi Tanshi leverages its neutral standing as a CP dealer to address the needs of both issuers and investors. In addition, we participate in the market as a qualified counterparty of the Bank of Japan in its money market operations that use CP to implement monetary policy.
Negotiable certificates of deposits (NCDs) are certificates of deposit that can be traded in a highly liquid secondary market. Since city banks first issued them in May 1979, NCDs have been an important source of short-term funding for the issuing banks. Ueda Yagi Tanshi underwrites NCDs and brokers their resale.