For Kiyoshi Ishigane, the yen’s descent to a 24-year low couldn’t have come at a worse time. The chief fund manager of Mitsubishi UFJ Kokusai Asset Management Co. is looking to increase his holdings of US government bonds from an underweight position. But the weak Japanese currency and a 10-fold surge in hedging costs since the start of the year are making it more expensive to do so. “It will be too late to eliminate the underweight position” when Treasuries start to rally, said Ishigane, whose company oversees more than $147 billion. But, “hedging costs are troubling when I think about how to do it.” From a jump in ... (full story)