A warrant representing American call options, that was issued outside Japan and traded over the market (OTC), denominated in many world currencies including the Japanese yen. The warrant was the only channel by which investors could buy leverage on individual shares in Japan, as it provided a cheaper and more liquid alternative to the underlying shares (of the options), especially for portfolios dedicated to Japanese equity investments.

Since many issues were traded in Europe, Japanese warrants represented a subclass of Eurowarrants.