Japan's Negative-Yield Bonds Could Cost You as Much as a Rolex

  • 100 million yen of five-year bonds will cost about 700,000 yen
  • Investors face little choice but to pay, BNP's Nakamura says

A Rolex Yacht-Master II watch is displayed for sale in Beverly Hills.

Photographer: Patrick T. Fallon/Bloomberg

Just how much money does a Japanese banker lose making a 100 million yen ($876,000) investment in a five-year bond and holding it to maturity?

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