Derivatives house of the year, Japan - Deutsche Bank

The resurgence of the Japanese economy has led to fundamental changes in the use of derivatives there in the past year. With Japanese financial institutions having largely cleaned up their loan portfolios, the days of using derivatives to disguise losses are all but over. Revitalised Japanese corporates and institutions have also seen significant tightening of their credit default swap spreads, which in turn has reduced their need for exceedingly high first-year coupon yields to cover their