Yen for yield

The Japanese government inflation-linked bond market has received a severe battering over the past year. The resulting dislocation has prompted the Ministry of Finance to consider restructuring the market, but what options are on the table? Matt Cameron reports


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

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