TOKYO—Apple Inc. will likely issue the company’s first yen-denominated bonds in June, people familiar with the issuance said Wednesday, in the latest of several moves to take advantage of rock-bottom interest rates in some non-U.S. markets.

The U.S. tech giant will issue around ¥200 billion ($1.6 billion) of yen-denominated bonds and use the proceeds for shareholder returns and possibly also to expand Japanese operations, one person familiar with the matter said. The amount and pricing of the issuance are not fixed yet and could change with investor demand, the person said.