Japanese investors' US$18 billion bet on Brazilian local debt has backfired as the real, Brazil's currency, has taken a big hit in emerging markets.
DWS Investments' US$615 million Brazil fund, which is marketed to Japanese pensioners and individual investors, lost 4.3 per cent in yen terms over the past 12 months, versus an average return of 12 per cent on developing-nation debt tracked by JPMorgan Chase.
Daiwa Asset Management's US$6.9 billion Brazil Bond fund, fell 0.5 per cent, and a similar fund from UBS declined 1.9 per cent.
via Business feed http://www.scmp.com/business/money/markets-investing/article/1049534/japanese-housewives-us18-billion-bet-backfires
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