Learning To Love Inflation: The Japanese Experiment

IMPORTANT INFORMATION – PROFESSIONAL INVESTORS – HONG KONG

Please read the following carefully before proceeding. This website is only available to Institutional Professional Investors and / or Corporate Professional Investors.

Please note that you must TICK the box below certifying that you are an Institutional Professional Investor or a Corporate Professional Investor before you can click [ACCEPT]:

an Institutional Professional Investor which falls under paragraphs (a) to (i) of the definition of “professional investor” in section 1 of Part 1 of Schedule 1 of the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”)) (“Institutional Professional Investor”), and by clicking the [ACCEPT] button at the end of this page, you are representing and warranting that you are an Institutional Professional Investor and consenting to be bounded by all the terms set out herein; or,

a Corporate Professional Investor which falls under paragraph (j) of the definition of “professional investor” in section 1 of Part 1 of Schedule 1 of the SFO and sections 4, 6 and 7 of the Securities and Futures (Professional Investor) Rules (Cap. 571D of the Laws of Hong Kong) (“Corporate Professional Investor”), and by clicking the [ACCEPT] button at the end of this page, you are representing and warranting that you are a Corporate Professional Investor and consenting to be bounded by all the terms set out herein.

You are now proceeding to a website which is intended only for those investors who qualify as Institutional Professional Investors or Corporate Professional Investors. This website may contain information on investment products that are not authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) for sale to the public in Hong Kong and may only be accessed by Hong Kong investors who are Institutional Professional Investors or Corporate Professional Investors. This website and all documents and information contained herein are intended for Institutional Professional Investors or Corporate Professional Investors only and shall not be reproduced in any form or transmitted to any other persons.

This website is not directed to any person in any jurisdiction where the publication or availability of this website or the distribution of the documents or information contained herein is prohibited. Persons in respect of whom such prohibitions apply must not access this website. This website and all documents and information contained herein are for reference only and do not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or purchase any securities or to engage any services in any jurisdiction if unlawful in such jurisdiction. This website is not intended for citizens or residents of the United States of America or for any “U.S. Person” as this term is defined in Regulation S under the U.S. Securities Act of 1933.

Investment involves risks. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may go down as well as up.

Please note that https://arcusinvest.test/ is the Arcus group’s only official website. This website has not been reviewed or approved by the SFC.

By clicking “Accept”, I confirm that I have read and accept the Terms of Use of this website (including the Privacy & Cookie policies) and that I/We qualify as an Institutional Professional Investor or a Corporate Professional Investor as defined above.

Important Information for UK residents investors prior to accessing this website

Legal Information
This website is issued by Arcus Investment Limited (“we”/ “us”), authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom with registration number 188741. Arcus is incorporated in England and Wales (company number 03582673) with its registered office at Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH, United Kingdom. When accessing any information or material made available on this website (“Site”) you accept and agree to comply with the terms and conditions as set out below.

Your status
The Site is only made available to per se professional clients as defined in the Glossary to FCA’s Handbook of rules and guidance and the FCA’s Conduct of Business Sourcebook in COBS 3. This Site is not suitable for retail clients. Please note that you must TICK the box below certifying that you are a “Per se Professional Investor” before you can click [ACCEPT]:

“Professional client” includes firms licensed by the FCA and/or the Prudential Regulation Authority, large undertakings meeting certain size criteria, national and regional governments. If you are an individual investor, you will not usually qualify as a professional client and should not use the Site. If you are in any doubt, please do not use the Site and contact Arcus Compliance using the contact details set out below:

info@arcusinvest.com

Information on this Site
The information on this Site is provided for information only and does not constitute, and should not be construed as, investment advice or a recommendation to buy or sell any particular investment. The information on this Site is provided solely on the basis that you will make your own investment decisions. We will not take account of any investor’s investment objectives, needs, or financial situation. In addition, nothing on this Site is intended to constitute legal, accounting or tax advice.

Access to this Site
The information contained in this Site is directed only at persons or entities who are resident or based in the United Kingdom and certain other approved jurisdictions. No other individual or entity, wherever resident or based, should access or rely upon the information contained in this Site. None of the services, investments or funds referred to in this Site are available for sale or use in any jurisdiction where such activity is prohibited. This site is not intended for citizens or residents of the United States of America or for any “U.S. Person” as this term is defined in SEC Regulation S under the U.S. Securities Act of 1933.

Risk warning
There are significant risks associated with an investment in any products or services provided by Arcus. Investment in the products and services is intended only for those professional investors who can accept the associated risks (including the risk of losing the investment completely).

These terms do not represent a complete statement of risk factors associated with an investment in any of the products. The offering documentation contain risk warnings which are specific to the relevant products. You should consider these risk warnings carefully and take appropriate investment advice before taking any decision to invest. Investors should consider carefully all specific risks of the funds described in this Site carefully prior to making an investment. General risks include: Past performance of an investment is not a guide to future performance; the value of investments and any income generated may go down as well as up and is not guaranteed; changes in exchange rates may have an adverse effect on the value, price or income of investments. Please refer to the relevant fund documentation for full details of the relevant risks.

No Warranty
Although we make reasonable efforts to update the content on this Site, we make no guarantees, warranties or representations (whether express or implied) that the content will be up to date, accurate or complete.

Law
These terms are governed by the laws of England. Disputes arising in connection with them shall be subject to the exclusive jurisdiction of the courts of England and Wales.

By clicking “Accept”, I confirm that I have read and accept the Terms of Use of this website (including the Privacy & Cookie policies) and that I/We qualify as a “per se professional client” as defined above.

IMPORTANT INFORMATION – PROFESSIONAL INVESTORS – EUROPEAN UNION

The following section of the website is reserved for professional investors, as defined by the Markets in Financial Instruments Directive 2014/65/EU, as amended, or as transposed into your jurisdiction. Access to this site requires you to read and accept the Terms of Use for this website (including the Privacy & Cookie policies).

The following pages of the website may include information on Arcus funds. Documents available on this site must not be taken, transmitted or distributed (directly or indirectly) into any jurisdiction where the Funds are not authorised for distribution.

The information on the Arcus funds available on the website under no circumstances constitutes a contractual agreement or information required by any legislative provision. It is not a recommendation, personalised investment advice, an offer or solicitation to buy or sell any shares in the funds. Please refer to the prospectus / offering memorandum of the funds and to the key information documents before making any final investment decisions.

The Arcus funds described in the following pages may not necessarily be notified and registered for marketing in all EU Member States and the management company and/or the Arcus funds have the right to terminate the arrangements made for marketing of the funds in certain jurisdictions and to certain investors in accordance with applicable laws and regulations, including the UCITS Directive provisions. This site is not intended for citizens or residents of the United States of America or for any “U.S. Person” as this term is defined in SEC Regulation S under the U.S. Securities Act of 1933.

By clicking “Accept”, I confirm that I have read and accept the Terms of Use of this website (including the Privacy & Cookie policies) and that I am a Professional investor as defined above.

IMPORTANT INFORMATION – PROFESSIONAL INVESTORS – SWITZERLAND

This website may contain advertising.

The funds have not been approved for the offer to non-qualified investors in Switzerland by the Swiss Financial Market Supervisory Authority FINMA and for some funds no Swiss representative and Swiss paying agent have been appointed. Accordingly, the content of this website is addressed only to the following qualified investors in Switzerland:

(i) institutional and professional clients in accordance with the Swiss Federal Act on Financial Services of 15 June 2018 (“FinSA”), with the exception of high-net-worth private clients as well as private investment structures established for them without professional treasury operations opted-out to become professional clients;

(ii) clients not included under (i) above for whom a financial intermediary in accordance with Article 4 paragraph 3 letter a FinSA or a foreign financial intermediary that is subject to equivalent prudential supervision provides portfolio management or investment advice in accordance with Article 3 letter c items 3 and 4 FinSA within the scope of a long-term portfolio management or investment advice relationship, provided they have not declared that they do not wish to be treated as qualified investors.”

This site is not intended for citizens or residents of the United States of America or for any “U.S. Person” as this term is defined in SEC Regulation S under the U.S. Securities Act of 1933.

By clicking “Accept”, I confirm that I have read and accept the Terms of Use of this website (including the Privacy & Cookie policies) and that I/we are a Qualified Investor as defined in (i) or (ii) above.

IMPORTANT INFORMATION – PROFESSIONAL INVESTORS – REST OF THE WORLD

Arcus Investment Limited does not represent that any materials on this site are appropriate for use, or permitted by local laws, in all jurisdictions or by all investors. Access to the site is not open to persons resident in, or citizens of any territory outside the United Kingdom where, to allow such access, would require any registration, filing, application for any licence or approval or other steps to be taken by Arcus Investment Limited or its affiliates in order to comply with local laws or other regulatory requirements in such overseas territory.

If you choose to access this site outside of the United Kingdom, you do so at your own risk. This site is not intended for citizens or residents of the United States of America or for any “U.S. Person” as this term is defined in SEC Regulation S under the U.S. Securities Act of 1933.

By clicking “Accept”, I confirm that I have read and accept the Terms of Use of this website (including the Privacy & Cookie policies) and that I/we are a Professional Investor.

IMPORTANT INFORMATION – PROFESSIONAL INVESTORS – SINGAPORE

Please read the following carefully before proceeding. This website is only available to “Institutional Investors” (as defined under the Securities and Futures Act 2001 of Singapore (“SFA”)).

Please note that you must TICK the box below certifying that you are an “Institutional Investor” before you can click [ACCEPT]:

You are now proceeding to a website which is intended only for those investors who qualify as an “Institutional Investor”. In addition, the website is not directed to any person in any jurisdiction where the publication or availability of this website is prohibited. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this website. By proceeding, you are deemed to be representing and warranting that you are an “Institutional Investor”.

The website may contain information on investment products that are not authorized by the Monetary Authority of Singapore (“MAS”) for sale to the public in Singapore and may only be viewed by Singapore investors who are “Institutional Investors”. Any product documents and information contained herein are intended for “Institutional Investors” only. They are for reference only and for those persons or entities in any jurisdiction or country where the information in this document and use thereof is not contrary to local law or regulation. They are only for the intended recipients and shall not be reproduced in any form or transmitted to any other third parties.
The offer documents which are found on this website have not been registered as a prospectus with the MAS. Accordingly, the aforementioned offer documents and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of shares/units may not be circulated or distributed, nor may shares/units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an “Institutional Investor” pursuant to Section 304 of the SFA or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Investment involves risks. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may go down as well as up.

Please note that https://arcusinvest.test/ is the Arcus group’s only official website and it has not been reviewed or approved by the MAS. This site is not intended for citizens or residents of the United States of America or for any “U.S. Person” as this term is defined in SEC Regulation S under the U.S. Securities Act of 1933.

By clicking “Accept”, I confirm that I have read and accept the Terms of Use of this website (including the Privacy & Cookie policies) and that I/We qualify as an “Institutional Investor” as defined above.

IMPORTANT INFORMATION – PROFESSIONAL INVESTORS – MALAYSIA

Please read the following carefully before proceeding. This website is only available to “Sophisticated Investor” pursuant to Schedule 6 and 7 to the Capital Markets and Services Act 2007.

Please note that you must TICK the box below certifying that you are an “Accredited Investor” or “High -net worth entity” before you can click [ACCEPT]:

A. Accredited investors: 1. A unit trust scheme, private retirement scheme or prescribed investment scheme. 2. Bank Negara. 3. A licensed person or a registered person under the Capital Markets and Services Act 2007. 4. An exchange holding company, a stock exchange, a derivatives exchange, an approved clearing house, a central depository or a recognized market operator. 5. A corporation that is licensed, registered or approved to carry on any regulated activity or capital market services by an authority in Labuan or outside Malaysia which exercises functions corresponding to the functions of the Securities Commission Malaysia (“Commission”). 6. A bank licensee or an insurance licensee as defined under the Labuan Financial Services and Securities Act 2010. 7. An Islamic bank licensee or a takaful licensee as defined under the Labuan Islamic Financial Services and Securities Act 2010. 8. A chief executive officer or a director of any person referred to in paragraphs 3, 4, 5, 6 and 7. 9. A closed-end fund approved by the Commission. and by clicking the [ACCEPT] button at the end of this page you are consenting to be bounded by all the terms set out herein; or,

B. High-net worth entities: 10. A company that is registered as a trust company under the Trust Companies Act 1949 and has assets under its management exceeding ten million ringgit or its equivalent in foreign currencies. 11. A corporation that: · is a public company under the Companies Act 2016 which is approved by the Commission to be a trustee under the Capital Markets and Services Act 2007 and has assets under its management, exceeding ten million ringgit or its equivalent in foreign currencies; or · is carrying on the regulated activity of fund management solely for the benefit of its related corporations and has assets under its management exceeding ten million ringgit or its equivalent in foreign currencies. 12. A corporation with total net assets exceeding ten million ringgit or its equivalent in foreign currencies based on the last audited accounts. 13. A partnership with total net assets exceeding ten million ringgit or its equivalent in foreign currencies. 14. A statutory body established under any laws unless otherwise determined by the Commission. 15. A pension fund approved by the Director General of Inland Revenue under the Income Tax Act 1967.

“You are now proceeding to a website which is intended only for those investors who qualify as Accredited Investors or High-net worth entities. In addition, the website is not directed to any person in any jurisdiction where the publication or availability of this website is prohibited. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this website. By proceeding, you are deemed to be representing and warranting that you are an Accredited Investor or High-net worth entities.

The website may contain information on investment products that are not authorized by the Securities Commission of Malaysia for sale to the public in Malaysia and may only be viewed by Malaysian investors who are Accredited Investors or High-net worth entities. Any product documents and information contained herein are intended for Accredited Investors or High-net worth entities only. They are for reference only and for those persons or entities in any jurisdiction or country where the information in this document and use thereof is not contrary to local law or regulation. They are only for the intended recipients and shall not be reproduced in any form or transmitted to any other third parties.

Investment involves risks. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may go down as well as up.

Please note that https://arcusinvest.test/ is the Arcus group’s only official website and it has not been reviewed or approved by the Securities Commission of Malaysia. This site is not intended for citizens or residents of the United States of America or for any “U.S. Person” as this term is defined in SEC Regulation S under the U.S. Securities Act of 1933.”

By clicking “Accept”, I confirm that I have read and accept the Terms of Use of this website (including the Privacy & Cookie policies) and that I/We qualify as an Accredited Investors or High-net worth entity as defined above.

Learning To Love Inflation: The Japanese Experiment

Japan’s Golden Crossover - Be Careful What You Wish For

How The Bank of Japan Can Turn A Problem Into a Triumph

Boersen-Zeitung Interview With Peter Tasker

Five Surprising Scenarios for the Year of the Dragon

"It's a mega-trend': AAA-rated Arcus manager on Japan's second coming"

China Deflation

Takeover-Friendly Reforms Will Spur Japan’s Equity Market

Japan’s Golden Chance

Japanese Firms Now Have ‘No Excuses’ On Rewarding Shareholders

What Is The Yen Telling Us