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  "domain": "structured-finance",
  "title": "NPL securitisation in Japan — post-1997 cycle, RCC, and distressed-debt buyers",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "NPL securitisation in Japan — post-1997 cycle, RCC, and distressed-debt buyers",
    "aliases": [
      "Japan NPL securitization",
      "Non-performing loan securitisation Japan",
      "RCC NPL",
      "Distressed debt Japan",
      "Cerberus Lone Star Goldman Apollo Japan NPL",
      "structured-finance/npl-securitization-japan"
    ],
    "domain": "structured-finance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-05-25",
    "last_tended": "2026-05-25",
    "review_by": "2026-11-25",
    "confidence": "likely",
    "tags": [
      "structured-finance",
      "npl",
      "distressed-debt",
      "rcc",
      "japan",
      "securitization",
      "1997-crisis",
      "post-pandemic"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "RCC (Resolution and Collection Corporation) public disclosures",
      "JSDA structured-finance statistics — https://www.jsda.or.jp/en/",
      "FSA NPL ratio disclosures",
      "Megabank IR (MUFG / SMBC / Mizuho NPL disposal disclosures)",
      "BOJ Financial System Report"
    ]
  },
  "summary": "NPL (non-performing loan) securitisation in Japan was the structural mechanism that processed the massive bad-debt overhang of the post-1997 banking crisis: failing banks transferred problem loans to the Resolution and Collection Corporation (RCC), which then sold pools of loans (often via TK / GK S",
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    "NPL securitisation in Japan — post-1997 cycle, RCC, and distressed-debt buyers",
    "TL;DR",
    "Wiki route",
    "1. Post-1997 NPL crisis — the setup",
    "2. RCC's role",
    "3. Securitisation structure for NPL pools",
    "4. The foreign distressed-debt buyers",
    "5. Decline of the cycle (2005–2019)",
    "6. Post-pandemic mini-cycle (2020–present)",
    "7. Mechanics — illustrative NPL securitisation"
  ],
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