A happy meeting of two markets in Japan

Toyota Motor Credit Corp sold ¥50bn ($476m) of five-year global notes, tapping international investors' growing demand for Japanese bonds, and then swapped its payments to a floating dollar rate. More companies are selling yen bonds, in part because it's becoming cheaper to swap yen obligations into dollars or euros. Toyota's borrowing cost after the swap was about seven basis points more than the three-month London interbank offered rate, currently 6.06%, according to Bloomberg analytics. Toyota Credit's all-in borrowing cost after the swap "was very competitive to what we could have d...