Yen for yield


The Japanese government inflation-linked bond (JGBi) market has faced an uphill struggle since its launch in 2004. With the country into its seventh straight year of deflation at the time - the core consumer price index (CPI) came in at -0.2% in the 2004 fiscal year - it was always going to be tough to encourage domestic investors to buy inflation-linked paper. But other issues held local investors back, including the lack of a principal guarantee on the bonds, accounting treatment that prevente

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