Japan’s Record Sales of Euro Bonds Show Historic Funding Shift

Japanese borrowers are selling record amounts of euro-denominated bonds in one of the most prominent examples of global companies scaling back their reliance on the dollar.

Issuers from the nation have sold a total €18.5 billion ($21.6 billion) of debt denominated in the shared currency this year, more than five times as much as they did in the same period in 2025, data compiled by Bloomberg show. Dollar issuance has still risen, but a more modest 53%, to about $45 billion, while that in the yen has dropped 3.6% to 7.3 trillion yen ($45.7 billion).