Cost of protection rises on Japanese firms

The cost of credit protection on Japanese corporates and US insurers widened in European trading today.

Five-year senior credit default swap (CDS) spreads referencing Chiba-based consumer finance company Aeon and Tokyo-based construction firm Kajima Corporation had moved out 50 basis points and 76.7bp from close of trading yesterday to 400bp and 750bp by 13:00pm London time today, according to data from credit information specialist CMA Datavision.

CDS spreads on electronics manufacturer Sharp widened to 210bp from 180bp, following last week's announcement of an operating loss of ¥15.8 billion (

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