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The news came as JPMorgan Japanese investment trust reported a decline in net assets of 29.3 per cent during its final results for the year ended 30 September.

Jeremy Paulson-Ellis, chairman of the trust, said underperformance of the trust in recent years was unacceptable to shareholders.

He added: "From our discussions with the team at JPMorgan in Tokyo, we are certain they are aware of the dissatisfaction felt by both the board and shareholders."

However, Paulson-Ellis said the market was well-placed to recover from the current crisis affecting Japanese trusts.

He added: "Looking beyond the immediate crisis, however, Japan's proximity to, and increasing trade with, the still growing Asian economies will continue to provide opportunities for many Japanese companies."

For more on this, read next Monday's edition of Investment Adviser.