Mitsubishi Gold ETF holdings at record levels
Adam Pike, News Editor
9 Jun 2014, 10:12 a.m.
Assets held in the Mitsubishi Gold Exchange Traded Fund (ETF) have increased to a record high as the falling gold price attracted investors.
The amount of gold held by the fund increased by 197 kilograms to an all-time high of 7.04 metric tonnes.
According to Osamu Hoshi, the manager of the fund, the increased demand has been driven by private customers rather than financial institutions.
Gold is becoming a popular investment in Japan as investors seek a hedge against a currency debasement and rising inflation. Inflation in April rose at its fastest rate since 1991 as Prime Minister, Shinzo Abe continues to devalue the Yen in attempt to stimulate exports.
In 2013 the Yen fell 18% against the dollar.