The vanishing yield cushion

The collapse in global bond yields has delivered large windfall capital gains however it has come at the cost of a vanishing yield cushion.

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Mrs. Watanabe meets European insurance companies

Since the early 2000’s the name ‘Mrs. Watanabe’ has been used to describe yield seeking Japanese retail investors, who were forced to increase their offshore investment risk taking in response to ultra-low interest rates back home.

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