Japanese investors switch to capital appreciation

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Japanese retail structured product investors may shift toward buying trades that provide capital appreciation and shun income-generating structured notes after brutal falls in the equity market mean that many autocallable trades have little chance of redeeming.

The demand for autocallable structures and Enmansai bonds (equity-linked multi-callable structures that have a guaranteed principal) has fallen because many investors are sitting in products that have little chance of kicking out and payin

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