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Yen

Japanese Government Bonds

Japanese Government Bonds (JGBs) are the securities the government issues for financing purposes. The government pays the bondholder interest on the securities and repays the principle amount at maturity. As a financial instrument traded on the market with high levels of credit and liquidity, JGBs play the central role in Japan's financial and securities markets.

euroYen

AAA Rated Supra and Sovereign Bonds issued in Yen

These are a substitute financial instrument for most European investors, who, due to settlement related problems, are unable to invest in JGBs. They are usually issued for financing purposes, generally be governments and government agencies, and are highly liquid.

Corporate / Samurais / MTNs

These are illiquid instruments issued by companies, governments and agencies often offering good relative value opportunities for investors. However, they can be very volatile due to the credit worthiness of the issues.