Limits on leverage


Forget about Americans playing slot machines in Las Vegas or the Chinese punting at baccarat in Macau, the biggest gamblers in the world by a long way are probably ‘Mrs Watanabe’, the collective nickname for Japan’s retail investors trading foreign exchange on margin.

Thanks to a blossoming of margin brokers offering forex leverage on the internet in the past five years, the likes of which include FX Prime, Gaitame, MoneyPartners and SBI Securities, Mrs Watanabe has been able to trade forex at e