21.   By investing in so many countries, the fund can minimize currency risk, for instance.

22.   But with Japanese interest rates at historic lows, the appetite for foreign bonds -- and for the currency risk involved -- is growing.

23.   Currency risk can be hedged, thanks to ruble futures and forward trading contracts, though hedging costs lower returns.

24.   Currency risk is higher for the Ukrainian T-bills, though, and no hedge instruments are available, as they are in Russia.

25.   Currency risks apart, the drop in yields on short-dated debt, which tracks deposit rates, should drag bund yields down, too.

26.   Even with such favorable terms, the currency risk is substantial.

27.   Euroyen bonds carry no foreign currency risk.

28.   Even so, ADRs possess all of the other problems associated with buying a foreign stock, including exposure to currency risk and country risk.

29.   Few Latin American funds, Morningstar says, hedge their currency risk.

30.   First, there is the currency risk.