For the past few years, the power-reverse dual currency (PRDC) note has been by far the most widely traded and liquid structured investment product in the Japanese market. Current annual volumes are estimated at between ¥1.5 trillion and ¥2 trillion ($12 billion–$16 billion), with no sign of diminished growth even as investor appetite for risk declines in many other markets. This article looks at the origins of the PRDC note, why it has been so successful, and what the basic structur
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