Japan FSA tightens fund rules to protect retail investors

Double-decker danger: investors angry over principal repayment

The Financial Services Agency (FSA) in Japan yesterday implemented more stringent rules governing the sale of complex products such as double-decker funds to retail investors.

The sale of complex fund products to retail investors has grown into a multi-billion yen industry in Japan’s ¥67 trillion ($840 billion) mutual fund market over the last few years as retail investors increasingly seek to earn greater yield by taking more risk.

One of the most successful of this breed of products has been the

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