Japanese investors have poured a net $37.4bn (£22.4bn, €25.1bn) into emerging market debt funds since 2004, more than twice the $14.7bn pumped in by US and European investors, research by JPMorgan suggests.

In addition, the Japanese have also invested a further $14.6bn in emerging market foreign exchange overlay funds, a sector that has only existed since the start of this year, according to JPMorgan.