I love Japan and with the Japanese Yen so low now, I am planning a trip to the Land of the Rising Sun in December. This might have something to do with why I initiated a long position in Croesus Retail Trust. You think so? Nah. Croesus Retail Trust is a business trust which owns 4 shopping malls in Japan. Its IPO in May priced its units at 93c a piece which meant a slight premium of 3.3% over its NAV of 90c a unit.

Luz Shinsaibashi is a new retail building in Osaka.

The Trust dangled a distribution yield of 8% and investors lapped it up, pushing the unit price to a high of $1.18 on the first day of trading. An auspicious number for the Cantonese people perhaps as it sounds like "prosper everyday" but not for those who bought some then. Unit price declined over the next 4 months ......