Fieling blue in Japan


Japan's rigid financial structure has never made matters easy for foreign securities houses involved in the country's structured products business, which estimates put at around $100 billion of issuance a year. The strict demarcation between notes, deposits and fund wrappers - which are supposed to prevent any conflicts of interest between the securities companies, banks and fund management houses that issue the products - has led to an inhibited market.

"The biggest issue for us is the firewalls

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