Japan credit default swaps open year quietly

US computer maker Gateway’s profit warning this week cast a shadow on Japan’s electronics sector. Computer maker Fujitsu was hardest hit, due to additional concern over the future of Asahi Mutual Life Insurance, one of Fujitsu’s main shareholders. Fujitsu’s share price plunged, causing the company’s convertible bond to cheapen and eventually sending investors looking for protection. The spread on Fujitsu’s credit default swap rose to 210 basis points from 195bp earlier this week, and 200bp b