Japanese banks get a breather but airlines continue to dip
The cost of credit protection on Japanese banks were off their lows, as the regulator eased earlier concerns that it may nationalise ailing banks. Meanwhile, the cost of protection on airlines continued to skyrocket as the war in Iraq and the spreading of severe acute respiratory syndrome, or SARS, significantly reduced air travel.
The cost of credit protection on Japanese banks, on the other hand, cheapened this week as the threat of nationalisation eased. The Financial Services Agency (FSA), Japan’s banking regulator, is to clarify later today the circumstances under which it would convert the preference shares
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