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Japan Credit-Default Swaps Seen Unraveling on Aiful's Bad Debts

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SOMETHING WICKED THIS WAY COMES
"Private talks to restructure the debt of Japanese consumer lender Aiful Corp. are threatening to erode confidence in the nation’s growing $887 billion market for derivatives that lenders use to protect themselves from losses," according to Bloomberg.  "At stake is a derivatives market in which outstanding contracts jumped to $887.3 billion as of June 30 from $554.2 billion a year earlier, according to Bank of Japan data. If a credit event is declared, it would lead to Japan’s first auction to settle the swaps, said Hisayoshi Nogawa, a strategist at BNP Paribas Securities Japan."
SOURCE:   Bloomberg

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