Indeed the Yen rises 10% to 15% per year against the dollar so one
would need to earn at least 15% to break even.

http://www.newyorkfed.org/research/d...-jp13chart.pdf

In short, the US interest rate is a white elephant; the real interest
rate is well over negative 10-15% as this is the amount by which the
investor's liquid holdings are diluted each year relative to the
Japanese investor. Of course, the Yen itself is probably losing value
too year over year so the US investor is experiencing double-digit
losses due to the US Government and Federal Reserve Bank's policy of
printing excess money.

I deduce that the smart investors are borrowing dollars and investing
in Europe. Investing in the USA seems like the worse idea from looking
at the charts or dolar versus Euro and Yen.

All,

With Japan's lending rate at 0, how can we borrow money from Japan?
Where else can we borrow at low or no interest?
Thanks!
Tim Jowers
timjowers at yahoo.com