??? I guess shorting bonds you receive currency (Yen) which currently has -0.1% interest rate on it. So -0.19-0.1=-0.29%. But holding currency you expose yourself to the risk of currency fluctuations, etc. When buying bonds you dispose this risks, right? Now I'm totally confused.
Doesn't changes in exchange rates will increase importing or exporting activity? I think changes will take time to come into effect and there may be some short-term adverse effects but later they'll change to positive.