Betting against JGBs gets easier as Japan’s problems get harder

Taken at face value, Japan’s capital city suggests a country in rude health. But away from Tokyo’s glitz, the Japanese economy remains in stasis, facing a crippling debt mountain, anaemic growth and a shrinking population. Nevertheless, it takes a bold investor to short the resilient JGB market. In the first of four articles on Japan’s capital markets, Phil Moore reports on the macro and micro trends.