Japan disaster has broad impact across asset classes

Race to de-risk


In the week after Japan sustained its worst-ever earthquake, a devastating tsunami and an on-going nuclear crisis, Asian fixed-income markets responded with their own series of outlier events. One impact was that liquidity evaporated from core markets as dealers pulled prices from screens. Both fixed-income and equity sectors saw heavy selling. Market makers in long-dated Nikkei 225 forwards took substantial mark-to-market hits and equity structured product holders sustained paper losses

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