In Switzerland and Denmark, investors want exposure to a currency that is expected to appreciate in nominal terms. If you were holding Swiss franc assets at a negative nominal return right before its central bank abandoned its euro peg in mid-January, you could have made a 20% return overnight; a negative nominal return is a small price to pay for a large capital gain.
但为何投资者要接受三年、五年甚至十年的负名义回报？在瑞士和丹麦，投资者希望投资于期望出现名义升值的货币。如果你在1月中旬瑞士央行放弃瑞士法郎盯住欧元时持有负名义回报的瑞郎资产，那你一夜之间就获得了20%的回报；负名义回报在巨大的资本利得面前根本不值一提。