Japanese municipal officials are very interested in the U.S. system of state and local borrowing, but there are no current plants to establish tax exemption in the Land of the Rising Sun, according to Mitsuo Ichihashi, managing director of the Japan Local Bond Association.

In a fact-finding mission to the Public Securities Association last week, 22 delegates from the Japanese association -- a rough equivalent to the PSA, in that it promotes the market through newsletters and conferences -- were given a hands-on tour of the municipal market, especially the impact of the Tax Reform Act of 1986.

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