Reports say the government has had talks in this regard with three Japanese banks.
'Samurai bonds' are sold in the Japanese domestic market by foreign entities.
It is alleged a big loss will be caused when converting the invested Yen to dollars for local requirements.
Also, it will be a violation of conditions Sri Lanka has reached with the IMF.
The second regional country to obtain a loan from the IMF after Afghanistan, Sri Lanka has already violated three of the conditions laid down by the global lending institution, economists say.
A year ago, finance minister has prevented a Japanese bank named Nomurai to invest in Samurai bonds in Sri Lanka.