No thanks to negative domestic interest rates. Japanese investors, noteably, are moving beyond solar and into wind, prompted broadly by negative domestic interest rates, according to the Insitute of Energy Economics and Financial Analysis (IEEFA). Japan's banks especially have been attracted to renewable energy infrastructure investments abroad by their strong annuity yields backed by long-term PPAs from mostly highly rated utilities. According to Bloomberg New Energy Finance, Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Financial Group were the two largest lead arrangers globally for clean energy asset financing in the first 10 months of 2016. These two banks in particular have moved into offshore wind in Europe. This experience places these banks in a strong position to support the growing Japanese offshore wind industry.