If the Japanese government had issued trills in 1990, when Japan’s nominal GDP was ¥443 trillion, the dividend paid to investors the first year would have been ¥443. Every year thereafter, the dividend paid would fluctuate in response to changes in GDP.
如果日本在1990年发行该股份的话，当年的名义GDP总量为443万亿日元，因此给投资者的分红则为443日元。往后数年的分红数量将随GDP的变化而波动。全世界的投资者都能在有预期收益的情况下承担日本的GDP风险，就跟灾难债券一样。