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It is said that all revolutions start from the street level. Some argue that this is what will happen in corporate Japan. The government and its decisions are only part of the equation in revitalising Japan's economy.

There is a curious phenomenon in the Japanese equity markets. Companies and the government are reluctant to issue new stock in the primary or secondary markets at what they consider to be such low prices.

THE EXPORT-IMPORT BANK OF JAPAN (Jexim)

The window of opportunity for Japan's banks to raise fresh capital slammed shut on March 31 with the end of Japan's financial year. Shortly after that date, Japanese banks were forced to disclose bad loans according to standards closer to international benchmarks.

DESPITE the cancellation of Rocla Industries' IPO last week, bankers were quietly confident that HIH Winterthur's secondary share sale could be completed today (Friday). The Australian insurer's parent could raise A$446m ($277m) from the sale, and the book was thought to be covered at the end of the first week of bookbuilding.

SPREADS on Malaysian paper widened by about 50bp this week following official confirmation that the government has temporarily abandoned plans to launch a $2bn global bond to fund its asset management corporation, Pengurusan Danaharta Berhad. The decision to postpone the JP Morgan and Warburg Dillon Read-led deal was taken last Thursday after Moody's placed Japan under review for a possible downgrade, and as renewed concerns about Russia began to push its spreads out to historically high levels.

MERRILL Lynch's secondary sale for New York-listed China Brilliance was unceremoniously pulled hours after Euroweek went to press last week. Bankers said they were not surprised by the development but sources close to the deal said the issuer delayed the issue seeking a higher price. A discount of well over 10% was thought to be being demanded by many investors, according to bankers. Indonesia

THE REPUBLIC of the Philippines continues to forge ahead where other Asian sovereigns fear to tread, scheduling the launch today (Friday) of its fourth Libor/T-Bill pass-through note and laying plans for the region's first euro-denominated financing early this autumn. The republic needs to raise funds to bridge its budget deficit, and the BB+/Ba1 rated credit also hopes that any new deal will further underline its reputation as one of Asia's most innovative and increasingly limited number of international borrowers.

China Moody's placed the ratings of nine Chinese banks under review for possible downgrade on Wednesday, citing a "continued deterioration in the financial fundamentals" in the system and a "widening credit risk disparity" resulting from "weakening regulatory support to regional financial institutions".

THE China Three Gorges Project Corporation is looking at a listing on the New York and Hong Kong stock exchanges. China now plans to raise around $4.8bn through international fundraisings -- roughly a fifth of the total cost of the project -- of which the IPO would be a major component and the largest international share offering of a mainland Chinese company to date. Morgan Stanley has been asked to draw up a feasibility study for the dual listing.

INDIAN firms are lining up to bring new equity deals to the market once they have received the go-ahead from the government. Bankers and investors are beginning to shrug off India's pariah status with the realisation that it is one of the few buoyant markets left in Asia. The stalled privatisation programme is expected to begin with Container Corporation of India (Concor), while from the private sector Infosys Technology and NCL Infosys are waiting for government approval for US listings.

THAI government officials said this week that kingdom was still hoping to launch its global offering by the end of the year, despite months of foot-dragging which have seen spreads on its paper nearly double. Thailand has become ever more reluctant to launch a deal at far higher levels than originally mandated, but it now seems certain that the next public bond issue from the country will come from EGAT (Electricity Generating Authority of Thailand), which hopes to complete a deal by the end of September.