Nomura has said it hasn’t made a decision to close its money-market fund, following a report it was among Japanese asset managers returning cash to investors amid a plunge in yields.
Bloomberg News reports that all 11 of the country’s managers running such funds plan to shut them rather than risk their value falling below par following pressure from the Bank of Japan’s negative interest-rate policy, the Nikkei newspaper reported. Nomura Asset Management plans to repay investors in August and Daiwa Asset Management Co. will do so in October, Nikkei said.
“It’s not true we have decided to make redemptions in August,” Nomura spokesman Kazumasa Hironaka said by phone. “We have not announced anything.”
Daiwa said in a statement on its website that it wasn’t the source of the article, and it doesn’t plan to comment further.
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