Waiting for growth

A change in accounting rules for Japanese inflation-linked bonds is the latest attempt by Japan's authorities to encourage buying by a broader range of investors. But the country's pension funds have yet to embrace inflation-linked bonds with any real enthusiasm. By Duncan Wood


Short of launching a glitzy advertising campaign, it's hard to know how Japanese officials could do a more obvious job of promoting the country's inflation-linked Japanese government bond (JGBi) market. Since the energence of linkers in April 2004, the Bank of Japan (BOJ) and the Ministry of Finance (MOF) have taken a series of steps to promote the market, first lifting restrictions that froze foreign investors out of the sector, then campaigning for accounting changes that allowed JGBis to

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