Cheap volatility brings yen opportunities

BACKGROUND: Economically, the situation in Japan is now not much worse than most of the developed world. Given that the world's investment community is considerably underweight yen, this provides the currency with plenty of potential scope to appreciate.

After almost five consecutive years of deflation, the pace of price declines has eased. The year-on-year consumer price index inflation rate has risen from -1.6% at the start of 2002 to virtually unchanged today. Although that improvement owes a

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