Japanese credit default swap spreads tighten as liquidity returns

Confidence came back in Japan’s banking sector as US investment bank Goldman Sachs said it would invest ¥150 billion ($1.27 billion) in Sumitomo Mitsui Financial Group. The renewed confidence in Japanese banks was also reflected in the strong performance of bank stocks this week, with the Topix bank index gaining 8%, said one dealer.

While credit protection on the senior debt of stronger banks such as Sumitomo Mitsui Banking Corp or Bank of Tokyo Mitsubishi (BOTM) have remained stable, prote

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