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Playing the waiting game

01 June 2005

Airfinance Journal's 2004/05 Japanese operating lease survey showed a market still in confusion and waiting for the final effects of tax changes. Nevertheless, 2004 was still an excellent year, says Alexandra Cain.

Read more: JOL Calyon Citigroup Japanese Operating Lease operating lease

In the past three months the Japanese operating lease (JOL) market has gone from being the busiest ever to the quietest.

Having rushed to close deals before the end of the tax year, most arrangers are waiting for a circular from the National Tax Agency before thinking about arranging new JOLs. New tax laws have already come into effect, but there are still big questions about how JOLs can be structured from now on.

Arrangers had hoped to receive guidance in May and are hoping that the circular will arrive before the start of July. "We should see a resolution by the end of June, but until then it's not really helpful discussing it," says...

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