A warrant that belongs to the category of more than 1,700 issuers. It is a class of American-style call options (warrants) that were first brought to market by Japanese corporations in the early 1980s. These warrants were issued and traded in various world currencies (U.S dollars, Swiss francs, French francs, pound sterling, Dutch guilders, ECN, yen and so on). A large number of Japanese warrants were issued and traded overseas in OTC markets, particularly in Europe, for cost considerations. Therefore, Japanese warrants represented a subclass of Eurowarrants. This tool 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, especially for portfolios dedicated to Japanese equity investments.