The construction industry is raising wages and selling bonds as Prime Minister Shinzo Abe's stimulus policies cause labor shortages and a need for funds.
Obayashi Corp., the country's second-largest contractor by market value, raised ¥10 billion in a sale last Friday of five-year bonds at a 15 basis-point yield premium to government debt, according to data compiled by Bloomberg. It paid 21 basis points for similar-tenor notes a year earlier.
The average spread for Japanese companies' debt securities was 23 basis points and 112 for corporate borrowers worldwide, a Bank of America Merrill Lynch indexes showed.