Capital Markets

<!DOCTYPE html> <html lang="en"> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://asia.nikkei.com/Markets/Capital-Markets/?page=5","20160505070619","https://web.archive.org/","web","/_static/", "1462431979"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta http-equiv="Content-Script-Type" content="text/javascript"/> <meta http-equiv="Content-Style-Type" content="text/css"/> <meta http-equiv="Pragma" content="no-cache"/> <meta http-equiv="Cache-Control" content="no-cache, must-revalidate"/> <meta http-equiv="Expires" content="-1"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta name="keywords" content=""/> <meta name="description" content=""/> <meta property="og:title" content="Capital Markets"/> <meta property="og:description" content=""/> <meta property="og:image" content="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/settings/common-setting/9833-180-eng-GB/Common-setting.png"> <title>Capital Markets</title> <meta property="og:url" content="https://web.archive.org/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=5"/> <meta property="og:site_name" content="Nikkei Asian Review"/> <link rel="canonical" href="https://web.archive.org/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=5"/> <link rel="apple-touch-icon-precomposed" href="/web/20160505070619im_/http://asia.nikkei.com/apple-touch-icon-precomposed.png"> <link rel="stylesheet" href="/web/20160505070619cs_/http://asia.nikkei.com/css/jquery-ui-1.10.3.custom.min.css"/> <link rel="stylesheet" href="/web/20160505070619cs_/http://asia.nikkei.com/css/common_v017.css"/> <link rel="stylesheet" href="/web/20160505070619cs_/http://asia.nikkei.com/css/style_v030.css"/> <link rel="stylesheet" href="/web/20160505070619cs_/http://asia.nikkei.com/css/custom/modal_v004.css"/> <link rel="stylesheet" href="/web/20160505070619cs_/http://asia.nikkei.com/extension/ezfind/design/standard/stylesheets/ezajax_autocomplete.css"/> <script src="/web/20160505070619js_/http://asia.nikkei.com/JavaScript/jquery-1.10.1.min.js"></script> <script src="/web/20160505070619js_/http://asia.nikkei.com/JavaScript/jquery-ui-1.10.3.custom.min.js"></script> <script src="/web/20160505070619js_/http://asia.nikkei.com/JavaScript/nar_v023.js"></script> <script src="/web/20160505070619js_/http://asia.nikkei.com/JavaScript/slider_v001.js"></script> <script type="text/javascript"> var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; (function() { var gads = document.createElement("script"); gads.async = true; gads.type = "text/javascript"; var useSSL = "https:" == document.location.protocol; gads.src = (useSSL ? "https:" : "http:") + "//web.archive.org/web/20160505070619/http://www.googletagservices.com/tag/js/gpt.js"; node =document.getElementsByTagName("script")[0]; node.parentNode.insertBefore(gads, node); })(); </script> <script type="text/javascript"> googletag.cmd.push(function() { googletag.defineSlot('/7049/NikkeiEnglish_728*90', [728, 90], 'div-gpt-ad-1375148224113-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_1', [300, 250], 'div-gpt-ad-1375148072299-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_2', [300, 250], 'div-gpt-ad-1375260461786-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_3', [300, 250], 'div-gpt-ad-1404116812193-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InRead_Article', [1, 1],'div-gpt-ad-1396427317542-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InBoard_Article', [1, 1], 'div-gpt-ad-1410933087819-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); </script> <script type="text/javascript"> var YUI3_config = {base: "/extension/ezjscore/design/standard/lib/yui/3.9.0/build/", modules: {}, combine: false}; var YUI2_config = {base: "/extension/ezjscore/design/standard/lib/yui/2.8.2/build/", modules: {}, combine: false}; </script> <script type="text/javascript" src="/web/20160505070619js_/http://asia.nikkei.com/js/7bebe13.js"></script> <script type="text/javascript">  </script> <script type="text/javascript"></script> <script>(function() { var _fbq = window._fbq || (window._fbq = []); if (!_fbq.loaded) { var fbds = document.createElement('script'); fbds.async = true; fbds.src = '//web.archive.org/web/20160505070619/http://connect.facebook.net/en_US/fbds.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(fbds, s); _fbq.loaded = true; } _fbq.push(['addPixelId', '1076130949081971']); })(); window._fbq = window._fbq || []; window._fbq.push(['track', 'PixelInitialized', {}]); </script> <noscript><img height="1" width="1" alt="" style="display:none" src="https://web.archive.org/web/20160505070619im_/https://www.facebook.com/tr?id=1076130949081971&ev=PixelInitialized"/></noscript> <script src="//web.archive.org/web/20160505070619js_/http://assets.adobedtm.com/43692acb8f62beca52063bd53825dcc138f4617b/satelliteLib-f0b759d61953ea549c6cc70abb26c8ddca3274f5.js"></script> </head> <body> <div id="fb-root"></div> <script type="text/javascript"> window.fbAsyncInit = function() { // FB initialize FB.init({ appId : '250799988299057', xfbml : true, version : 'v2.5' }); // Subscribe to the Like event FB.Event.subscribe('edge.create',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'follow', 'Facebook-follow',0, {nonInteraction:true}); }); // Subscribe to the UnLike event FB.Event.subscribe('edge.remove',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'unfollow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'unfollow', 'Facebook-unfollow',0, {nonInteraction:true}); }); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "//web.archive.org/web/20160505070619/http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); window.twttr = (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0], t = window.twttr || {}; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://web.archive.org/web/20160505070619/https://platform.twitter.com/widgets.js"; fjs.parentNode.insertBefore(js, fjs); t._e = []; t.ready = function(f) { t._e.push(f); }; return t; }(document, "script", "twitter-wjs")); </script>  <div id="header"> <div class="header-banner">  <div id="div-gpt-ad-1375148224113-0" style="width:728px; height:90px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148224113-0'); }); </script> </div> <div id="login_before" class=""><a href="https://web.archive.org/web/20160505070619/https://regist.asia.nikkei.com/member/register/?n_cid=NARAN041"><img src="/web/20160505070619im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90.jpg" alt=""/></a></div> <div id="login_after" class="display_none"><a href="/web/20160505070619/http://asia.nikkei.com/magazine/?n_cid=NARAN068"><img src="/web/20160505070619im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90_rtm.jpg" alt=""/></a></div> <script language="JavaScript" type="text/javascript"> NAR_js.pr_header(); </script> </div> <div class="header-content"> <h1 class="logo"><a href="/web/20160505070619/http://asia.nikkei.com/"><img src="/web/20160505070619im_/http://asia.nikkei.com/images/img_logo.png" alt="Nikkei Asian Review"/></a></h1> <div class="header-tool"> <ul class="base-list"> <li class="sp-l-menu ct_hidden"><a href="javascript:void(0)" class="js_balloon">Log in</a></li> <li class="sp-l-menu"><a href="/web/20160505070619/http://asia.nikkei.com/member/register/?n_cid=NARAN040">Subscribe</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/about">About Nikkei Asian Review</a></li> </ul> <div> <div class="change-region">Sort by Region <table> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=1">Mainland China</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=2">North Korea</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=3">South Korea</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=4">Japan</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=5">Taiwan</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=6">Hong Kong, Macau</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=7">Vietnam</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=8">Laos, Cambodia, Myanmar</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=9">Thailand</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=10">Malaysia</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=11">Singapore</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=12">Philippines</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=13">Indonesia</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=14">India</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=15">Pakistan, Bangladesh,Sri Lanka, Nepal, Bhutan</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=16">Mongolia, Central Asia, Afghanistan</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=17">Russia, Caucasus</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=18">Australia, New Zealand, Pacific Islands</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=19">Turkey</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=20">Iran</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=21">Middle East, North Africa</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=22">Sub-Saharan Africa</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=23">Europe</a></td> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=24">North America</a></td> </tr> <tr> <td><a href="/web/20160505070619/http://asia.nikkei.com/search/findByRegion?facet_region=25">Latin America</a></td> </tr> </table> </div> <div> <form name="searchHeadArticles" action="/web/20160505070619/http://asia.nikkei.com/search/find"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search articles"/> <a href="#">search</a> <div id="header-autocomplete-rs"></div> </div> </form> <script language="JavaScript" type="text/javascript"> jQuery('#header-autocomplete-rs').css('width', '174px'); var autocomplete = new eZAJAXAutoComplete({ url: "/ezjscore/call/custom::autocomplete", inputid: 'SearchText', containerid: 'header-autocomplete-rs', minquerylength: 2, resultlimit: 5 }); </script> </div> <div> <form name="searchHeadCompanies" action="/web/20160505070619/http://asia.nikkei.com/Company/SearchResults"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search companies"/> <a href="#">search</a> </div> </form> </div> </div> </div> <div id="modal-login-balloon"> <div class="js_form-login-balloon_loading-layer" style="position: absolute; top: 0; left: 0; right: 0; bottom: 0; background: rgba(255, 255, 255, 0.3); z-index: 120; display: none;"></div> <img src="/web/20160505070619im_/http://asia.nikkei.com/images/bg_load_2.gif" alt="loading..." class="js_form-login-balloon_loading-img" style="position: absolute; top: 50%; left: 50%; margin-left: -24px; margin-top: -24px; z-index: 150; display: none;"/> <form id="js_form-login-balloon" class="bg" action="https://web.archive.org/web/20160505070619/https://regist.asia.nikkei.com/member/auth/login/process"> <div class="login-form"> <h3 class="title">Log in</h3> <div class="input-form"> <dl> <dt>E-mail address/ID</dt> <dd class="js_valid js_notnull js_type_loginId"> <input type="text" class="js_vc-mail" name="formLogin[loginId]" id="js_form-login-balloon_loginId" msg_require="Please enter your e-mail address/ID" msg_type="Please enter valid e-mail address/ID" maxlength="100" style="ime-mode: disabled;"/> <p class="error"></p> </dd> <dt>Password<span class="arrow"><a href="/web/20160505070619/http://asia.nikkei.com/member/password/" tabindex="-1">Forgot password?</a></span></dt> <dd class="js_valid js_notnull"> <input type="password" name="formLogin[password]" id="js_form-login-balloon_password" msg_require="Please enter your password" maxlength="30"/> <p class="error"></p> </dd> </dl> <div><label><input type="checkbox" checked="checked" name="formLogin[rememberMe]" id="js_form-login-balloon_rememberMe"/>Remember me</label></div> <div class="login-btn"><button type="submit" id="login-balloon-submit" class="general-submit-btn js_btn-submit"><span>Log in</span></button></div> <input type="hidden" name="formLogin[mode]" id="js_form-login-balloon_mode" value="NORMAL"/> </div> </div> </form> <a class="close-btn js_close">close</a> <script type="text/javascript"></script> </div> </div> <div class="navigation active"> <div class="inner"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/">Home</a></li> <li class="list-open"> <a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/">Politics & Economy</a> <div class="list-menu"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/Policy-Politics">Policy & Politics</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/Economy/">Economy</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/International-Relations/">International Relations</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505070619/http://asia.nikkei.com/Business/">Business</a> <div class="list-menu"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/Business/Companies/">Companies</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Business/AC">  Asia300</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Business/Trends/">Trends</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Business/Deals">Deals</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Business/Executive-Lounge">Executive Lounge</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Business/Consumers/">Consumers</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505070619/http://asia.nikkei.com/Markets/">Markets</a> <div class="list-menu"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/">Capital Markets</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Equities">Equities</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Currencies/">Currencies</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Commodities/">Commodities</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Property/">Property</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Tokyo-Market/">Tokyo Market</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Nikkei-PMI/">Nikkei PMI</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505070619/http://asia.nikkei.com/Tech-Science/">Tech & Science</a> <div class="list-menu"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/Tech-Science/Tech/">Tech</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Tech-Science/Science/">Science</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505070619/http://asia.nikkei.com/Viewpoints/">Viewpoints</a> <div class="list-menu"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/Viewpoints/Viewpoints/">Viewpoints</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Viewpoints/Editorial/">Editorial</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505070619/http://asia.nikkei.com/Life-Arts/">Life & Arts</a> <div class="list-menu"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/Life-Arts/Life/">Life</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Life-Arts/Arts/">Arts</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Life-Arts/Japan-Trends/">Japan Trends</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Life-Arts/Education/">Education</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Life-Arts/Milestone/">Milestone</a></li> </ul> </div> </li> <li class="list-open"> <a>Features</a> <div class="list-menu"> <ul> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Philippine-presidential-election/">Philippine elections</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Mitsubishi-Motors-emissions-scandal/">Mitsubishi Motors scandal</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Kyushu-earthquakes/">Kyushu earthquakes</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Panama-Papers/">Panama Papers</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/North-Korea-launches-long-range-rocket/">Pyongyang provocation</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Startups">Startups</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Trans-Pacific-Partnership/">Trans-Pacific Partnership</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/China-up-close/">China up close</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/CEO-in-the-news/">CEO in the news</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Company-in-focus/">Company in focus</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Features/Tea-Leaves/">Tea Leaves</a></li> </ul> </div> </li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Japan-Update/">Japan Update</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/magazine">Print Edition</a></li> </ul> </div> </div> </div> <div id="content"> <div class="primary"> <div class="topic-path"> <ul> <li class="last"><a href="/web/20160505070619/http://asia.nikkei.com/Markets">Markets</a></li> </ul> </div> <h1 class="glance">Capital Markets</h1> <div class="article list-area"> <div class="article-list "> <div class="article-box text-list"> <ul> <li> <div class="sub-title">Tata Steel</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/S-P-cuts-credit-rating-as-profitability-takes-hit-from-slump-in-prices">S&P cuts credit rating as profitability takes hit from slump in prices</a></h3> <p>NEW DELHI (NewsRise) -- Tata Steel will likely continue to reel under high debt levels and negative cash flows over the next two years, as profitability takes a hit from a slump in global prices amid a slowdown in demand, Standard & Poor's said, cutt...</p> </li> <li> <div class="sub-title">Bond market</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Jitters-grow-for-commodity-rich-nations-junk-bond-issuers">Jitters grow for commodity-rich nations, junk-bond issuers</a></h3> <p>TOKYO -- Concerns are mounting about the credit risks of high-yield bonds and the debt of commodity-exporting countries in light of the double whammy of the Chinese economic slowdown and U.S. exit from quantitative easing. While stock investors w...</p> </li> <li> <div class="sub-title">Peter Tasker</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Five-market-mysteries-in-the-Year-of-the-Monkey">Five market mysteries in the Year of the Monkey</a></h3> <p>The investment world enters 2016 with some trepidation. The extraordinary ascent in stock prices that began in March 2009 is showing clear signs of fatigue. In most markets most stocks fell last year. The price of copper -- known as "the only metal ...</p> </li> <li> <div class="sub-title">Daniel Twining</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Unhappy-New-Year-10-geopolitical-risks-in-2016">Unhappy New Year -- 10 geopolitical risks in 2016</a></h3> <p>The world is staring at turbulence in 2016. Rising populism, great-power revanchism, the continued specter of terrorism, disputes over "cyber-sovereignty," intensified regional turmoil, and dramatic shifts in the global economy presage unsettled time...</p> </li> <li> <div class="sub-title">National Stock Exchange of India</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/CEO-wants-to-channel-global-savings-to-ETF-market">CEO wants to channel global savings to ETF market</a></h3> <p>MUMBAI -- Every question shot at National Stock Exchange managing director and chief executive Chitra Ramakrisha leads invariably to one reply -- exchange-traded funds -- a financial instrument that she reckons has the power to draw individual, risk-...</p> </li> <li> <div class="sub-title">Bond markets</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Volatility-could-be-next-casualty-of-loose-monetary-policy">Volatility could be next casualty of loose monetary policy</a></h3> <p>TOKYO -- The quantitative easing by central banks that has pushed government debt yields to historically low levels is also leaving bond markets less volatile, with yields barely budging even after a recent U.S. interest rate hike. The assets of ...</p> </li> <li> <div class="sub-title">Japanese corporate bonds</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/New-issuances-hit-9-year-low">New issuances hit 9-year low</a></h3> <p>TOKYO -- Issuances of Japanese corporate debt dropped 20% to a nine-year low in 2015 as cash-rich companies and profit-seeking investors turned their attention elsewhere. The sum for straight bonds and real estate investment trusts reached 6.84 t...</p> </li> <li> <div class="sub-title">Japanese government bonds</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Record-48tn-yen-of-front-loading-in-fiscal-2016">Record 48tn yen of front loading in fiscal 2016</a></h3> <p>TOKYO -- Japan's Ministry of Finance will raise the maximum amount of front-loading of issuance of refunding bonds -- which will be issued one year before the maturity of Japanese government bonds -- to a record 48 trillion yen ($396 billion) in fisc...</p> </li> <li> <div class="sub-title">Fed rate hike</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Markets-hold-steady-in-first-week-after-tightening">Markets hold steady in first week after tightening</a></h3> <p>NEW YORK/WASHINGTON -- Financial markets in the U.S. and emerging countries largely remained calm in the week since the Federal Reserve raised interest rates for the first time in nine and a half years, but the longer-term outlook is cloudier. Fe...</p> </li> <li> <div class="sub-title">Asian debt</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/More-Chinese-bond-defaults-expected">More Chinese bond defaults expected</a></h3> <p>HONG KONG -- Investors should brace for more Chinese companies to default on their bond debts in 2016 as the government shows a greater tolerance for corporate failure. After a small wave of Chinese defaults this year, there are no signs that the...</p> </li> <li> <div class="sub-title">Thomas Mayer</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Aging-and-the-interest-rate">Aging and the interest rate</a></h3> <p>Many economists believe that the aging of the population in many countries is a major reason for the low level of long-term interest rates. People save for retirement more money than companies want to borrow for investment purposes. As a result, so t...</p> </li> <li> <div class="sub-title">Government bonds</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Foreigners-holding-nearly-10-of-Japanese-government-bonds">Foreigners holding nearly 10% of Japanese government bonds</a></h3> <p>TOKYO -- Foreign holdings of Japanese government bonds topped the 100 trillion yen ($818 billion) mark for the first time ever as investors in Europe and elsewhere bought up more of the instruments. The balance of JGBs and treasury bills held by ...</p> </li> <li> <div class="sub-title">Monetary policy</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/BOJ-s-easing-tweaks-could-raise-yields-crimp-recovery">BOJ's easing tweaks could raise yields, crimp recovery</a></h3> <p>TOKYO -- Recent policy changes by the Bank of Japan aimed at extending its monetary easing measures might work against the program instead by boosting bond yields, leaving investors struggling to understand the body's full vision for an economic turn...</p> </li> <li> <div class="sub-title">Fed rate hike</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Fed-cushioned-impact-of-tightening-says-market-economist">Fed cushioned impact of tightening, says market economist</a></h3> <p>NEW YORK -- The U.S. Federal Reserve's Federal Open Market Committee raised interest rates for the first time in nearly a decade on Wednesday, following a two-day meeting that ended the same day. The Nikkei spoke with a market expert to discuss t...</p> </li> <li> <div class="sub-title">Islamic finance</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Sukuk-issuance-slows-sharply-on-cheap-crude">Sukuk issuance slows sharply on cheap crude</a></h3> <p>DUBAI -- The prolonged slump in crude oil prices is crimping the growth of Islamic finance. Cheap crude is forcing Middle Eastern oil exporters to restrict their issuance of Islamic sukuk bonds, while banks in the region are facing a liquidity cr...</p> </li> <li> <div class="sub-title">Fed rate hike</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Good-news-for-now-but-doubts-over-next-year">Good news for now, but doubts over next year</a></h3> <p>TOKYO - The U.S. Federal Reserve Bank ended seven years of its zero-interest-rate policy on Dec.16, and the markets seems to like it. The stock market in the U.S. ended the day higher, and in Japan, the 225-issue Nikkei Stock Average rose 2.29% from ...</p> </li> <li> <div class="sub-title">Fed rate hike</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/US-pulls-trigger-despite-wobbly-global-economy">US pulls trigger despite wobbly global economy</a></h3> <p>WASHINGTON -- The U.S. Federal Reserve has decided to raise its benchmark interest rate for the first time in nearly a decade, ending a massive monetary easing program implemented in response to the 2008 global financial crisis. Three rounds of q...</p> </li> <li> <div class="sub-title">Junk bonds</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Is-US-rout-a-crisis-in-the-making">Is US rout a crisis in the making?</a></h3> <p>NEW YORK -- The crude oil turmoil is not only raising concerns over further declines in oil prices but also dragging down junk bond prices in the U.S. Energy and materials companies account for roughly 25% of all issuers of non-investment-grade b...</p> </li> <li> <div class="sub-title">Chinese economy</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/Beijing-to-go-after-zombie-companies-in-reform-push">Beijing to go after 'zombie companies' in reform push</a></h3> <p>SHANGHAI -- The Chinese government is preparing to go zombie hunting. Keen to improve the health of the economy, Beijing has set its sights on serious structural reform. This includes rooting out companies that, although chronically unprofitable, ref...</p> </li> <li> <div class="sub-title">Japanese government bonds</div> <h3 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/BOJ-s-holdings-to-surpass-that-of-commercial-banks">BOJ's holdings to surpass that of commercial banks</a></h3> <p>TOKYO -- Japanese government bonds held by the Bank of Japan are expected to reach around 280 trillion yen ($2.27 trillion) by year-end, exceeding the combined figure at commercial banks for the first time in about 40 years. As part of its moneta...</p> </li> </ul> </div> <div class="pagination"> <div class="first-page"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=1"><< First</a></div> <ul class="page-number"> <li style="width:83px;"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=4" class="prev">< Previous</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=2">2</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=3">3</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=4">4</a></li> <li class="current">5</li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=6">6</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=7">7</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=8">8</a></li> <li style="width:83px;"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=6" class="next">Next ></a></li> </ul> <div class="last-page"><a href="/web/20160505070619/http://asia.nikkei.com/Markets/Capital-Markets/?page=12">Last >></a></div> </div> </div> </div> </div> <div class="secondary"> <script type="text/javascript" src="https://web.archive.org/web/20160505070619js_/http://www.nikkei.co.jp/gifdata/indices.js"></script> <script src="/web/20160505070619js_/http://asia.nikkei.com/JavaScript/custom/market_v001.js"></script> <div class="link-box GCCMD_removeall"> <h5 class="title">Market data</h5> <table class="market-data"> <tr class="odd"> <th>Nikkei 225</th> <td> <script type="text/javascript"> document.write(NK225_CUR); </script> </td> <script type="text/javascript"> diffValue(NK225_DIFF); diffPercent(NK225_CUR,NK225_DIFF); </script> </tr> <tr> <th>DJIA</th> <td> <script type="text/javascript"> document.write(DJIA_D_CUR); </script> </td> <script type="text/javascript"> diffValue(DJIA_D_DIFF); diffPercent(DJIA_D_CUR,DJIA_D_DIFF); </script> </tr> <tr class="odd"> <th>Hang Seng</th> <td> <script type="text/javascript"> document.write(HANS_CUR); </script> </td> <script type="text/javascript"> diffValue(HANS_DIFF); diffPercent(HANS_CUR,HANS_DIFF); </script> </tr> <tr> <th>USD/JPY</th> <td> <script type="text/javascript"> document.write(usjpA_CUR); </script> </td> <script type="text/javascript"> diffValue(usjpA_DIFF); diffPercent(usjpA_CUR,usjpA_DIFF); </script> </tr> <tr class="odd"> <th>USD/CNY</th> <td> <script type="text/javascript"> document.write(cnusA_CUR); </script> </td> <script type="text/javascript"> diffValue(cnusA_DIFF); diffPercent(cnusA_CUR,cnusA_DIFF); </script> </tr> </table> <div>Data delayed by at least 15 minutes.</div> <div class="more"><a href="https://web.archive.org/web/20160505070619/http://indexes.nikkei.co.jp/en/nkave/index/component" target="_blank">Nikkei 225 Components</a></div> <div class="more"><a href="https://web.archive.org/web/20160505070619/http://indexes.nikkei.co.jp/en/nkave" target="_blank">About Nikkei Indexes</a></div> </div> <div class="rectangle">  <div id="div-gpt-ad-1375148072299-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148072299-0'); }); </script> </div> </div>  <div class="link-box"> <h5 class="title">Follow Nikkei Asian Review</h5> <table class="follow-nar"> <tr> <th><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></th> <td class="Facebook">The best content posted</td> </tr> <tr> <th><a href="https://web.archive.org/web/20160505070619/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </th> <td class="Twitter">The latest headlines tweeted</td> </tr> </table> </div> <div class="link-box "> <h5 class="title"><a href="/web/20160505070619/http://asia.nikkei.com/Latestheadlines">Latest headlines</a></h5> <ul class="headline-list"> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Viewpoints/Viewpoints/Keith-B.-Richburg-US-looks-set-for-a-nasty-presidential-election"><span class="sub-title-s">Commentary: </span>Keith B. Richburg: US looks set for a nasty presidential election</a> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Life-Arts/Arts/Japan-South-Korea-displaying-ancient-statues-to-fete-friendship">Japan, South Korea displaying ancient statues to fete friendship</a> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Business/Companies/Facebook-takes-page-from-Google-playbook-in-cementing-founder-s-power">Facebook takes page from Google playbook in cementing founder's power</a> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/International-Relations/Key-at-bay-as-NZ-seeks-wider-China-trade-deal">Key at bay as NZ seeks wider China trade deal</a> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/International-Relations/Southeast-Asia-s-migration-wave-highlights-Japan-s-barriers">Southeast Asia's migration wave highlights Japan's barriers</a> </li> </ul> <div class="more"><a href="/web/20160505070619/http://asia.nikkei.com/Latestheadlines">more</a></div> </div> <div class="link-box "> <h5 class="title">Most read</h5> <ul class="ranking-list"> <li class="number1"> <a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Xi-Jinping-vs.-Li-Keqiang"><span class="sub-title-s">China up close: </span>Xi Jinping vs. Li Keqiang</a> </li> <li class="number2"> <a href="/web/20160505070619/http://asia.nikkei.com/Business/AC/Philippines-Inc-Duterte-Harry-and-the-men-with-fists-full-of-dollars">Philippines, Inc. wary of Duterte as next president</a> </li> <li class="number3"> <a href="/web/20160505070619/http://asia.nikkei.com/Business/Trends/Japan-exporters-stand-to-take-nearly-10bn-hit-from-rising-yen">Japan exporters stand to take nearly $10bn hit from rising yen</a> </li> <li class="number4"> <a href="/web/20160505070619/http://asia.nikkei.com/Business/Trends/Foreign-operators-battle-for-Asian-airports-amid-privatization-wave">Foreign operators battle for Asian airports amid privatization wave</a> </li> <li class="number5"> <a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Trump-wins-big-in-Indiana-with-a-clear-path-as-Cruz-quits">Trump wins big in Indiana, with a clear path as Cruz quits</a> </li> </ul> </div> <div class="link-box"> <h5 class="title">Japanese companies</h5> <ul class="headline-list about-nk-index"> <li><a href="https://web.archive.org/web/20160505070619/http://indexes.nikkei.co.jp/en/nkave/index/component" target="_blank">Nikkei 225 Components</a></li> </ul> </div> <div class="rectangle">  <div id="div-gpt-ad-1375260461786-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375260461786-0'); }); </script> </div> </div>  <div class="link-box videos"> <h5 class="title"><a href="https://web.archive.org/web/20160505070619/http://video.asia.nikkei.com/">Videos</a></h5> <div class="column-layout"> <ul class="video-detail"> <li> <a href="https://web.archive.org/web/20160505070619/http://video.asia.nikkei.com/detail/videos/business-clip/video/4846543373001/evyap-making-soap-in-new-ways"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/soap-evyap/4272093-4-eng-GB/Soap-Evyap.jpg" width="80" alt=""> <p>How Evyap makes soap</p> </a> </li> <li> <a href="https://web.archive.org/web/20160505070619/http://video.asia.nikkei.com/detail/videos/channel-japan/video/4834942604001/making-good-designs-sell"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/cj-crowd-sourced-manufacturing/4320002-1-eng-GB/CJ-Crowd-sourced-manufacturing.jpg" width="80" alt=""> <p>Crowd-sourced manufacturing</p> </a> </li> <li> <a href="https://web.archive.org/web/20160505070619/http://video.asia.nikkei.com/detail/videos/close-up/video/4807896683001/whisky-s-new-player-on-world-stage:-taiwan"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/taiwan-whisky-maker/4228177-1-eng-GB/Taiwan-whisky-maker.jpg" width="80" alt=""> <p>Taiwan whisky takes on the world</p> </a> </li> </ul> </div> <div class="more"><a href="https://web.archive.org/web/20160505070619/http://video.asia.nikkei.com/">more</a></div> </div> <div class="link-box "> <h5 class="title">Editor's picks</h5> <ul class="photo-list another-case"> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Business/Companies/AI-may-help-Japan-s-baseball-champs-rewrite-Moneyball"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/20160429t/hawksai1/4432489-1-eng-GB/HawksAI1_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505070619/http://asia.nikkei.com/Business/Companies/AI-may-help-Japan-s-baseball-champs-rewrite-Moneyball">AI may help Japan's baseball champs rewrite 'Moneyball' </a> </p> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/magazine/20160428-Commodities-crucible/Tech-Science/Growbots-promise-to-transform-Australian-agriculture"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/0415t/20160415_sydney_university/4359653-1-eng-GB/20160415_Sydney_university_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505070619/http://asia.nikkei.com/magazine/20160428-Commodities-crucible/Tech-Science/Growbots-promise-to-transform-Australian-agriculture">Growbots promise to transform Australian agriculture</a> </p> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Business/AC/Philippines-Inc-Duterte-Harry-and-the-men-with-fists-full-of-dollars"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/20160501/20160505-duterte-ayala/4438812-1-eng-GB/20160505-Duterte-Ayala_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505070619/http://asia.nikkei.com/Business/AC/Philippines-Inc-Duterte-Harry-and-the-men-with-fists-full-of-dollars">Philippines, Inc. wary of Duterte as next president</a> </p> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Xi-Jinping-vs.-Li-Keqiang"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0502t/20160502_xi_vs_li/4437888-1-eng-GB/20160502_xi_vs_li_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505070619/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Xi-Jinping-vs.-Li-Keqiang"><span class="sub-title-s">China up close: </span>Xi Jinping vs. Li Keqiang</a> </p> </li> <li> <a href="/web/20160505070619/http://asia.nikkei.com/Business/Companies/Taiwan-s-godfather-of-retail-eyes-supermarket-revolution"> <img src="/web/20160505070619im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/0427n/0427n-chuan-lian-taipei/4420920-1-eng-GB/0427N-Chuan-Lian-Taipei_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505070619/http://asia.nikkei.com/Business/Companies/Taiwan-s-godfather-of-retail-eyes-supermarket-revolution">Taiwan's godfather of retail eyes supermarket revolution</a> </p> </li> </ul> </div> <div class="rectangle">  <div id="div-gpt-ad-1404116812193-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1404116812193-0'); }); </script> </div> </div>  <div id="div-gpt-ad-1396427317542-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { if((authority == "A1" || authority == "A2") && (cms_section == 8 || cms_section == 10)){ var current_cookie_name = String(now_date.getFullYear())+String(now_date.getMonth()+1)+"vc"; var current_user_view_count = getCookie(current_cookie_name); var current_cookie_nameList = current_cookie_name+"l"; var current_user_view_article_list = getCookieList(current_cookie_nameList); var in_array_flag = false; for(var i = 0; i < current_user_view_article_list.length; i++) { if(current_user_view_article_list[i] == article) { in_array_flag = true; } } if((authority == "A1") && (current_user_view_count >= article_limit) && !in_array_flag){ } else if((authority == "A2") && (current_user_view_count >= article_limit_free) && !in_array_flag) { } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } else if((authority == "A1" || authority == "A2") && (cms_section == 9)){ } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } </script> </div>  <div id="div-gpt-ad-1410933087819-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1410933087819-0'); }); } </script> </div> </div> </div> <div id="footer"> <div class="footer-content"> <img src="/web/20160505070619im_/http://asia.nikkei.com/images/img_logo_footer.png" alt="Nikkei Asian Review"/> <div class="footer-link"> <ul class="snsicon-list"> <li class="Facebook"><a href="https://web.archive.org/web/20160505070619/https://www.facebook.com/nikkeiasianreview" target="_blank">Facebook</a></li> <li class="Twitter"><a href="https://web.archive.org/web/20160505070619/https://twitter.com/NAR" target="_blank">Twitter</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20160505070619/http://www.linkedin.com/company/nikkei-asian-review" target="_blank">LinkedIn</a></li> <li class="Google"><a href="https://web.archive.org/web/20160505070619/https://plus.google.com/105293795757249725929/posts" target="_blank">Google+</a></li> <li class="YouTube"><a href="https://web.archive.org/web/20160505070619/https://www.youtube.com/user/NikkeiAsia" target="_blank">YouTube</a></li> <li class="RSS"><a href="/web/20160505070619/http://asia.nikkei.com/info/rss" target="_blank">RSS</a></li> </ul> <ul class="appstore-link"> <li><a href="https://web.archive.org/web/20160505070619/http://itunes.com/apps/thenikkeiasianreview" target="_blank"><img src="/web/20160505070619im_/http://asia.nikkei.com/images/banner_appstore_l.png" alt="App store"/></a></li> <li><a href="https://web.archive.org/web/20160505070619/https://play.google.com/store/apps/details?id=com.nikkei.asianreview" target="_blank"><img src="/web/20160505070619im_/http://asia.nikkei.com/images/banner_googleplay_l.png" alt="google play"/></a></li> </ul> </div> </div> <ul class="footer-nav base-list"> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/about">About Nikkei Asian Review</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/sitemap">Site map</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/help">Help</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/contact">Contact us</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/terms-of-use">Terms of use</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/copyright">Copyright</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/privacy">Privacy & cookie policy</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/advertising">Advertising</a></li> <li><a href="/web/20160505070619/http://asia.nikkei.com/info/announcements">Announcements</a></li> </ul> <div class="footer-tool"> <div class="copyright">Copyright © 2016 Nikkei Inc. All rights reserved.</div> <div class="language"> <ul class="base-list"> <li><a href="https://web.archive.org/web/20160505070619/http://www.nikkei.com/" target="_BLANK">Japanese</a></li> <li><a href="https://web.archive.org/web/20160505070619/http://cn.nikkei.com/" target="_BLANK">Chinese</a></li> </ul> </div> </div> </div> <div id="ms-link"> <ul> <li><a href="javascript:void(0);" onclick="javascript:NAR_js.view_change('sp');">Mobile site</a></li> </ul> </div> <div id="modal_gd02_01" class="util"> <h3 class="title">Update your payment information</h3> <div> <p>Your subscription renewal could not be processed. Please update your payment information to continue enjoying the Nikkei Asian Review.</p> <div class="login-btn"><a href="/web/20160505070619/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Capital-Markets/&n_cid=NARAN007" class="general-btn" id="resubscribe"><span>Resubscribe now</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLogin(FreeUser)"></div> </div> <div id="modal-screen_gd02_01"></div> <div id="modal_gd06_01" class="util expiration"> <h3 class="title">Your trial period has expired</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20160505070619/http://asia.nikkei.com/member/register/?return_url=/Markets/Capital-Markets/&n_cid=NARAN006" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDExpired(TrialUser)"></div> </div> <div id="modal-screen_gd06_01"></div> <div id="modal_gd09_01" class="util expiration"> <img src="/web/20160505070619im_/http://asia.nikkei.com/images/img_logo.png" alt="nikkei asian review"/> <img src="/web/20160505070619im_/http://asia.nikkei.com/images/For_welcome_modal.png" alt="cover"/> <h3 class="title"></h3> <div> <p class="explain"> Nikkei Asian Review is the only publication that brings you Insight about Asia, from the inside out. XXcontractNameXX has enabled you free full access to Nikkei Asian Review. </p> <div class="login-btn"><a href="#" class="general-btn js_close"><span>Close this message</span></a></div></div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDWelcome(IPUser)"></div> <div style="display:none" class="value" id=""></div> </div> <div id="modal-screen_gd09_01"></div> <div id="footer-script"> <script type="text/javascript"> var page = "5"; if(typeof authority === "undefined"){ var authority = ""; } if(typeof memberId === "undefined"){ var memberId = ""; } if(typeof contractId === "undefined"){ var contractId = ""; } var viewMode = "PC"; </script>  <script type="text/javascript"> var now = new Date(); var pageName = location.href; var channel = "NAR"; var server = document.domain; var pageType = ""; var prop1 = "NAR-Markets"; var prop2 = "NAR-Markets-Capital Markets"; var prop3 = ""; var prop4 = ""; var prop5 = page; var prop6 = now.getHours(); var prop9 = ""; var prop10 = ""; var prop11 = ""; var prop12 = ""; var prop25 = ""; var prop26 = ""; var prop27 = ""; var prop28 = authority; var prop29 = ""; var prop34 = viewMode; var prop35 = contractId; var prop44 = memberId; </script>  <script language="JavaScript" src="https://web.archive.org/web/20160505070619js_/http://parts.nikkei.com/parts/SC/NAR/s_codeNAR20141101.js"></script> <script language="JavaScript" src="https://web.archive.org/web/20160505070619js_/http://cdn.nikkei.com/parts/SC2/s_cDS.js"></script> <script language="JavaScript"> </script> <noscript><a href="https://web.archive.org/web/20160505070619/http://www.omniture.com/" title="Web Analytics"><img src="https://web.archive.org/web/20160505070619im_/http://nikkei.d1.sc.omtrdc.net/b/ss/nikkeicojpgrpmstallprod,nikkeicojpdsmstallprod,nikkeicojpnarprod/1/H.9--NS/0" height="1" width="1" border="0" alt=""/> </a></noscript>    <script> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//web.archive.org/web/20160505070619/http://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-44606671-1', 'asia.nikkei.com'); // Set custom dimension if(login_flag != "undefined"){ ga('set', 'dimension1', login_flag); } if(authority != "undefined" && authority != ""){ ga('set','dimension2', authority); } if(memberId != "undefined" && memberId !=""){ ga('set','dimension3', memberId); } if( aid != ""){ ga('set','dimension4', aid); } if(viewMode != "undefined"){ ga('set','dimension5', viewMode); } if(contractId != "undefined"){ ga('set','dimension6', contractId); } // Send view ga('send', 'pageview'); // Send event if(NAR_js.isCount == true){ ga('send', 'event', 'Article', 'countUp', 'Article-countUp', NAR_js.user_view_count, {nonInteraction:true}); } if(NAR_js.oneClickFree == true){ ga('send', 'event', 'OneClickFree', 'view', 'OneClickFree-view',{nonInteraction:true} ); } setTimeout("ga('send', 'event', 'unbounce', '15_sec')", 15000); </script> <script> // Twitter api twttr.ready(function (twttr) { twttr.events.bind( 'follow', function (event) { var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Twitter', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Twitter', 'follow', 'Twitter-follow',0,{nonInteraction:true}); } ); }); </script> <script type="text/javascript"> /* <![CDATA[ */ var google_conversion_id = 1000997403; var google_custom_params = window.google_tag_params; var google_remarketing_only = true; /* ]]> */ </script> <script type="text/javascript" src="//web.archive.org/web/20160505070619js_/http://www.googleadservices.com/pagead/conversion.js"> </script> <noscript> <div style="display:inline;"> <img height="1" width="1" style="border-style:none;" alt="" src="//web.archive.org/web/20160505070619im_/http://googleads.g.doubleclick.net/pagead/viewthroughconversion/1000997403/?value=0&guid=ON&script=0"/> </div> </noscript> <script type="text/javascript"> window._tfa = window._tfa || []; _tfa.push({notify:"action", name: 'page_view'}); </script> <script src="//web.archive.org/web/20160505070619js_/http://cdn.taboola.com/libtrc/nikkeiasianreview-sc/tfa.js"></script> </div> <script type="text/javascript">_satellite.pageBottom();</script> </body> </html>

CINXE.COM

Capital Markets