A Eurobond that is denominated in Japanese yen and issued by a non-Japanese company outside of Japan. Despite what the name suggests, Euroyen bonds can be found in bond markets around the world, not just in European markets. 

|||For example, if a U.S. bank holds yen-denominated bonds issued by a French company, then it is holding Euroyen bonds.

These types of bonds are advantageous because they face less regulatory restrictions. Euroyen bonds also tend to have small par values and high liquidity. These types of bonds have been around since 1984, when Japan started to open its financial markets.