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Individuals who snapped up high-yielding bonds denominated in lira and other foreign currencies find themselves sitting on large paper losses
Turkey’s financial trouble has claimed some distant victims: small investors in Japan, who have dabbled in emerging-market assets to escape superlow domestic returns.
The upset illustrates the appetite for risk among an army of punters often dubbed “Mrs. Watanabe,” after the stereotypical Japanese homemaker. Last year, Deutsche Bank researchers said these buyers had fueled a rally in bitcoin and made up half of global foreign-exchange trading using borrowed money.