Think about two cities at opposite sides of the globe, which apparently have little in common, economically or culturally. What Tokyo and Madrid do share, though, is that both are bidding to host the Olympic Games in 2020: one of many reasons why neither of their governments would allow them to get into serious financial bother. Their funding costs relative to their respective governments, however, could scarcely be more different.
Tokyo metropolitan government’s 10-year bonds trade at about 1.5
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