After years of painful deflation and stock market stagnation, managers of many Japanese companies have amassed large stockpiles of cash and liquid securities--treasure chests that are, in many cases, undervalued by the stock market.
However, with huge stockpiles in place and with strong cash incentives being offered by warehouses to metals suppliers to use storage facilities, we expect the warehouse business of Goldman Sachs to continue to rake in strong revenues in the near future.