There are plenty of thankless jobs in banking these days. Marketing Japanese equities is one of them. The market was one of the world’s worst performers last year and the investor exodus continues. The benchmark Nikkei 225 is down 13 per cent so far this year in local currency terms.

Foreigners turned heel in the second half of 2007, selling a net $20.5bn of shares on the first section of the Tokyo Stock Exchange in the five months ending in December. Hedge funds redeemed about $8bn, or one-fifth of total assets under management last year, according to research house Eureka Hedge. There is little reason to hang around. The Japanese economy is wilting, consumer confidence is fragile and corporate earnings are being squeezed. Regulatory missteps have further spooked investors. The newest prime minister is proving a disappointment to investors and voters.