A type of foreign-currency denominated bond that is issued in Japan by foreign entities. Organizations such as the World Bank have issued such debt instruments in the past .Also known as a "geisha bond". 

|||For example, if a Chinese company were to issue a renminbi-denominated bond in Japan, this would be considered a shogun bond.The shogun bond market has been relatively small. In fact, from 1994 to 2003, there have been no new shogun bond issues.This bond's name is derived from the word shogun, which refers to the traditional military leader of the Japanese army.