There is nothing like a market rally to draw out companies wanting to raise capital. Take Japan, where the benchmark Topix index is up by almost a third from its March low. Follow-on equity issues have raised a total of $13bn since then, according to Dealogic. On Monday, Daiwa Securities joined the list, while Mizuho Financial Group advanced plans for its own $6bn offering.

Exploiting buoyant markets makes sense, but investors are right to blanch. Daiwa Securities’ share price, until Monday almost double the March low, dropped 12 per cent on the news. Japanese firms, like their peers elsewhere, are raising cash for balance sheet repairs.