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 shows. Dollar issuance has still risen, by a more modest 53%, to about $45 billion, while that in the yen has dropped 3.6% to ?7.3 trillion ($45.7 billion).
The shift reflects mounting headwinds for the euro¡¯s main rivals. Yen funding has become less attractive as the Bank of Japan pursues its most aggressive rate-hiking cycle in decades, unsettling markets. At the same time, the dollar has lost some of its appeal as U.S. President Donald Trump¡¯s unpredictable policymaking fuels a broader move away from the U.S. currency.
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