Weak yen helps cheapen protection on Japanese exporters
A weaker Japanese yen earlier this week lifted market sentiment on the financial prospects of Japanese export companies, which caused their credit protection costs to narrow up to 20 basis points.
Sentiment on Japanese exporters such as computer makers Fujitsu and NEC improved, and the companies’ credit default swap spreads tightened in by about 20bp this week from last Friday’s levels. The cost of protection on Fujitsu’s five-year debt contracted to 205bp
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