Japan's commercial mortgage-backed securities issuance declined for the first time on an annual basis in 2003, Moody's Investors Service has reported.CMBS issuance during the year fell roughly 30%, to ¥800 billion (approximately $7.3 billion) from ¥1.1 trillion (approximately $10 billion) in 2002, according to Moody's. Moody's said it expects the country's CMBS market to see a rebound in annual issuance to ¥1.2 trillion (about $11 billion) in 2004.

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