CDS spreads narrow for Japanese insurers

Credit default swap (CDS) spreads for Japanese insurance firms have climbed down today, after spiking considerably due to the massive damage caused by the March 11 earthquake. Spreads on Mitsui Sumitomo fell from 84 basis points at close of play yesterday to 79bp by 5.00pm UK time today, according to information from financial data provider Markit. Spreads on the Tokio Marine and Nichido Fire Insurance Company also fell from 84bp to 79bp in the same period. Japanese sovereign spreads, however, r