Japanese banks' spreads widen following Nikkei tumble
Credit protection on the debt of Japan’s major banks widened this week as the Nikkei stock index hit a new 20-year low. Investors were concerned that the Nikkei 225 index's fall below the psychologically important 8,000 level - it plunged to 7,862.43 on Tuesday - would prompt banks to report larger-than-expected losses for the fiscal year due to their cross-share holdings.
One trader noted that Mizuho credit default swaps were also hit when the bank scrapped plans to issue a portion of preferred shares to overseas investors
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