SG Securities has introduced a new product for Asia bears - a warrant that bets the yen will continue to lose value against the US dollar. SG issued 300 million of the warrants at 34.47 HK cents each, with each warrant giving the bearer the right to buy US$1 at 135 yen. Under the terms of the issue, the yen will need to fall more than 5 per cent, to about 142 yen to the US dollar, before investors see a return. If it hits 150 yen, they can more than double their money. This is the first warrant issued on a currency in Hong Kong for several years. Issuers have mostly focused on bear instruments since the market crash, which produced a dramatic drop in investor interest in warrants. There are 29 put warrants trading on the market, including puts on the two booming US indices - the Dow Jones Industrial Average and the S&P 500 Index - which were issued earlier this year. An SG spokesman said the warrant was developed to give retail players an opportunity to conveniently wager on the direction of the yen. The warrant can also offer exposure to fund managers who are restricted from directly buying into foreign exchange markets. The issue will begin trading on June 2. It cannot be exercised until its maturity on March 19 next year.