Japanese CDS spreads stabilise in aftermath of quake

Credit default swap (CDS) spreads on Japan moved from 116 basis points at close of play on Tuesday to 117bp at the same time yesterday, according to financial information provider Markit, bringing the sharp rise experienced since Friday's devastating earthquake to at least a temporary halt. However, the situation in the most heavily affected areas of the nation seems to have grown more serious in that time – the official tsunami death toll has exceeded 5,300, with more 9,000 still unaccounted