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Kuroda ‘Bazooka’ Fuels Sales in Equity-Tied Bonds to Individuals

The Bank of Japan’s monetary easing has triggered a surge in equity-linked bond sales as the stock market reached a seven-year high.

Sales of so-called uridashi notes tied to shares rose 55 percent to $1.49 billion last month, the most since January, after BOJ governor Haruhiko Kuroda’s surprise expansion of record bond buying, according to data compiled by Bloomberg. Of those backed by just one equity or stock index, more than half were linked to the Nikkei 225 Stock Average, the data show.