Imagine you have a mountain of spare cash: would you invest it in eurozone government bonds right now? If you are a large Japanese investor, the answer is “maybe not”.
Last week Barclays Capital, the British investment bank, produced the latest part of a long-running survey of Japanese bond investors, which tries to determine attitudes towards dollar and euro bonds.
This revealed that a hefty two-thirds of Japanese investors quietly fear that the latest €750bn aid package will have “not much” impact on the eurozone's woes – up from a mere third of investors that expressed scepticism two weeks ago (when the package emerged).
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