Nomura Undecided on Shutting Money-Market Fund as Yields Tumble
- Nikkei reported 11 Japan asset managers will close funds
- Negative rates are hampering $14 billion money-fund industry
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Nomura Holdings Inc. said it hasn’t made a decision to close its money-market fund, following a report it was among Japanese asset managers returning cash to investors amid a plunge in yields.
All 11 of the country’s managers running such funds plan to shut them rather than risk their value falling below par following pressure from the Bank of Japan’s negative interest-rate policy, the Nikkei newspaper reported. Nomura Asset Management Co. plans to repay investors in August and Daiwa Asset Management Co. will do so in October, Nikkei said.