In exchange for their lucrative franchises, insurers have done the bidding of the Finance Ministry, not investing to benefit policyholders but sticking largely to government bonds, domestic securities and corporate loans.

FORBES: Japan is changing

But the virtuous nature of Swiss public finances means there are not many domestic government bonds available to buy back.

ECONOMIST: The terrible temptation to depreciate

Depreciation may help the domestic economy, but it inflicts a loss on foreign holders of local-currency government bonds.

ECONOMIST: Financial markets