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Alternative Market Briefing

The big threat is in the bonds markets

Monday, August 05, 2013

amb
Frank Huttel
Benedicte Gravrand, Opalesque Geneva:

Frank Huttel, Head of Portfolio Management at FiNet Asset Management, believes that whatever happens, will start in Japan. Abenomics is driving the markets, it is a game changer, he said during the recent Opalesque Roundtable in Frankfurt. The Yen will tell you what the other markets are doing. He closely looks at the movements of the Yen and the Japanese Government Bond (JGB).

"For me, it’s THE big time bomb in bonds," he says of the bond market. "I think it’s a bubble and everybody knows that it will burst. Well, it can take years before it bursts, but it will eventually burst."

His sentiment is echoed by several commentators. For example, Takeshi Fujimaki, a former adviser to billionaire investor George Soros who won a seat in Japan’s upper house of parliament last month, told Bloomberg recently the JGB market was in a bubble. AMP Capital’s investment strategy head Shane Oliver was quoted by CNBC as saying earlier this year that there was evidence of "bubbly elements" in today's market. "Bonds are very overvalued from a long term perspective. On this basis, bond yields are well below long te......................

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