Japan’s ‘Widow-Maker’ Bond Trade Becomes World Beater

Naomi Fink, chief global strategist at Amova Asset Management, discusses Japan’s “widow-maker” trade: borrowing and selling Japanese government bonds in expectation of tumbling prices, before buying them back and pocketing the difference. The trade has become one of the most lucrative bets in the global bond market. Speaking on Bloomberg Television, Fink says it’s “totally rational” to expect that Japanese yields should move higher. “The key here is whether the move is orderly and probably some