All Boxed Out

Special Report: Interest rates


Relative-value fixed-income hedge funds, bank proprietary trading desks, local securities dealers and other large Japanese government bond (JGB) underwriters suffered billions of dollars - perhaps tens of billions of dollars - of mark-to-market and real losses in March, as turbulence struck the country's once-well-behaved interest rates market.

Seven-year JGB futures - the most liquid government-linked debt instruments in the country and consequently the cheapest to deliver - saw yields move 7 ba

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