At a presentation on risk management post-financial and economic crises, organised by the Sim Kee Boon Institute for Financial Economics, Philippe Ithurbide, global head of research at Amundi Asset Management, commented that "Japan's bond market is not a safe haven”, and that it is “the most dangerous bond market". He cited an IMF paper indicating the "saturation point" for Japanese government debt will be reached in 10-15 years. “I might be interested (in JGBs) at 4%-6%, but we have the same at home without the forex risk," he said. He noted that Amundi is increasing the portion of Japanese equities in its portfolio. "It's not a question of stopping investment into Japan; it's where to invest," he said.