The 10-year bond yield has fallen from 2.65% to 2.53%. At the same time, expected inflation, as measured by the inflation-indexed bond market, has risen steadily.

South Korea and Australia have reactivated inflation-indexed bond programmes in the past year, and America will almost double its annual issuance from $58 billion in 2009 to over $100 billion in 2011.

Finally, I just want to say that we have also a kind of bond called an indexed bond, which is a bond whose coupons are indexed to inflation.