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Here's an interesting article on where Japan may be heading. Can you imagine the Oz Government offering zero rates for bonds ?? What this says to me is that both the Japanese government and investors are losing confidence in the Japanese economy. That investors are beginning to believe that even if they can't earn interest on their money at least their savings won't lose value should the economy crumble.

Tokyo, Feb. 19 (Bloomberg) -- Japan's first bids for government bills at zero interest rates suggest investors have given up trying to make money in exchange for the promise they won't lose any.

Investors say those bids, at auctions of three-month and six- month bills in the past three weeks, reflect concern the Nikkei 225 stock average will extend its 26 percent decline in the past year and 10-year bonds will fall further, after handing investors a 1 percent loss so far this year.

``Investors are fleeing stocks and corporate bonds for the relative safety of these government securities,' said Hiroaki Muto, who helps oversee 8 trillion yen ($66 billion) at Nissay Asset Management Corp.

Etc etc.......
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