Profits, for a change

THE rumours that cash-strapped Japanese financial institutions are about to become big sellers of American Treasury bonds has been presented as yet another example of the humbling of a once proud nation. In fact, if it happens, the sell-off will prove that the Japanese have at last discovered the virtues of market timing. Hitherto, from the Rockefeller Centre to the Hollywood Hills, Japanese investors have shown an uncanny knack for losing serious money whenever they have bought a slice of America. But if they sell their T-bonds now, not only will they net a tidy profit, there is a good chance they will get out at the top of the market.