Preparing for an end to deflation

Inflation-linked bonds

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It’s very much early days for Japan’s inflation-linked bond market. The first auction of inflation-indexed Japanese government bonds (JGBi) took place in March, with just ¥100 billion ($915 million) up for grabs – a drop in the ocean compared with the ¥540 trillion in government bonds outstanding as of December last year. The next auction is scheduled for early June, this time with ¥300 billion of paper set for issue.

Nonetheless, despite it being a very young market, something of a Catch 22

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