Aflac Follows Alphabet Into Japan’s Booming Yen Bond Market

US insurer Aflac Inc. on Thursday sold a yen bond totaling ¥65.9 billion ($415 million) across four tranches, joining a wave of foreign issuers tapping Japan’s credit market.

The coupon on the 10-year tenor was 3.482%, according to people familiar with the matter, who asked not to be identified because the information is private. Aflac is a regular issuer of yen bonds, and the overall amount of the SEC-registered deal was below last year’s ¥74.9 billion issuance.

Foreign borrowers including Berkshire Hathaway Inc. and Google parent Alphabet Inc. are ramping up their presence in Japan’s credit market, with the latter ...