Ever-shrinking yields around the world have left the U.S.looking like a gold mine to Japanese banks.

Mizuho Financial Group Inc., for example, is rapidly expandingits American credit business. The Tokyo-based bank has nearlydoubled its company-debt originations team since April, accordingto Jerry Rizzieri, Mizuho Securities USA Inc.'s head of fixedincome. It's also added a collateralized loan obligation (CLO)group within the past year.

The allure is easy to understand: There's billions of dollars tobe earned off companies racing to lock in cheap borrowing costsbefore the Federal Reserve raises interest rates. And there'smore money in the trading frenzy that sales usually prompt—whichoffer a more attractive proposition in the U.S. than in Japan,where government bonds have negative yields.

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