Japan

China has been buying negative-yielding JPY bills to profit from using USD/JPY basis swaps. Short NDIRS have been bid. The curve is flattening and sources see scope for it to flatten further before 1s/10s meets resistance around the 35bp level.

The International Swaps and Derivatives Association (ISDA) has launched a protocol aimed at helping market participants comply with the variation margin requirements that come into force in March next year.

Mizuho Securities Co and Maybank Kim Eng have formed a partnership to boost their equity brokerage businesses by offering research and trading execution services between Japan and Malaysia.

Bank of America Merrill Lynch has appointed Izumi Devalier as head of Japan economics, poaching her from HSBC in Hong Kong.

It was a tale of two interventions this week, as Japan underwhelmed markets with its stimulus plan while the Bank of England delivered more than expected, in moves that also sent the yen and pound reeling in different directions.

Orlando Faulks has been appointed head of corporate finance for Japan at Deutsche Bank starting November, as Ken Kawashima plans to go back to his previous job.

Deutsche Bank has appointed Orlando Faulks as head of corporate finance for Japan starting November, when Ken Kawashima returns to his old position.

Nomura saw a Brexit-related bounce in its fixed income division when it reported its quarterly performance on Thursday, thanks to a healthy dispersion of client trading views. But the bank’s European operations still delivered an overall loss.

Singapore’s DBS Bank has made headlines for a series of high profile changes this week, including its decision to establish a securities business in Japan.

Société Générale has appointed new group country heads for Japan and Switzerland, according to a statement from the bank on Tuesday.

DBS is establishing a securities business in Japan to help investors grappling with the low interest environment in the country earn better returns in the rest of Asia.

Credit Suisse has appointed Masahito Shimada as director and head of equity capital markets and Yuhiko Yano as a managing director and head of corporate coverage in Japan.