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Πόσο ασφαλές είναι το γεν;

Να αναθεωρήσουν τη στρατηγική τους ως προς το ιαπωνικό νόμισμα καλούνται οι επενδυτές, καθώς μια ενδεχόμενη επιδείνωση στην ευρωπαϊκή κρίση χρέους απειλεί να ωθήσει το γεν σε νέα υψηλά, ενώ δεν προβλέπεται άμεση λύση για την ελάφρυνση του δανειακού βάρους της χώρας. A nuclear disaster and then power cuts. Safety is now Japan's number 1 priority.And safety is exactly what investors see in Japan's economy.From government bonds to the yen, Tokyo's assets are the investment of choice in volatile markets.But investors could be underestimating risk. Public debt is soaring, the yen volatile, with no resolution in sight.(SOUNDBITE) (English) RABOBANK ASIA-PACIFIC HEAD OF FINANCIAL MARKETS RESEARCH, ADRIAN FOSTER, SAYING:"With a large deficit already being recorded, and of course a high stock of debt, it's very hard to see how they're going to come up with any fiscal stimulus for the economy."Authorities have some options for coping - the central bank is tipped to buy more of its own bonds.And the government is fighting to hike the sales tax. The income could help reduce debt.But ratings agencies are skeptical that Japan is making any progress. Fitch cut Japan's credit rating in May, saying its fiscal consolidation plans were "leisurely".The BOJ, like other major central banks, is preparing for market turmoil if Greek elections over the weekend spook investors, sending them flocking to the yen.The IMF says a surging yen poses a serious risk to Japan's economic outlook.In the longer term looms the threat of capital flight.Most of Japan's government debt is held domestically, but investors may be lured abroad by higher interest rates and the promise of better returns.(SOUNDBITE) (English) BBVA CHIEF ASIA ECONOMIST, STEPHEN SCHWARTZ, SAYING:"You c