Exchange-traded funds backed by physical gold are to be launched on the Tokyo Stock Exchange, following last August’s debut on the Osaka exchange of ETFs backed by bonds linked to the price of the precious metal. Japan’s investors have long had an affinity for gold: it is the only country where buyers of gold-related options contracts frequently exercise their right to delivery, according to Itsuo Toshima, regional representative of the World Gold Council. It is also the only country in which gold accumulation plans, whereby investors gradually acquire small amounts of the metal through diligent monthly payments of as little as ¥3,000 ($30), have succeeded.