Negative yield plus: Japan got paid 52b yen to borrow

Tokyo

JAPAN'S government was paid at least 52 billion yen (S$648 million) to borrow money since the yield on its debt first fell below zero at auction in October 2014.

While some of the bonds still pay coupons, prices on the securities are so high that the Ministry of Finance sells them for more than it costs to pay interest on the debt. Bloomberg calculations count money made on bills and notes that now have negative yields out to five-year maturities.