Japanese CDS spreads stable despite negative risk report

Japanese credit default swap (CDS) spreads rose from 104 basis points at close of play on Friday to 105bp by 2.00pm UK time today, according to financial information provider Markit, a welcome sign of stability after spreads jumped from 79bp to 116bp in the immediate aftermath of last Friday's earthquake.

A special report from rating agency Moody's Investor Services noted an increase in downside risk for the financial and corporate business sectors of the Japanese economy, as well as for the ove