Overnight Nikkei Heatmap

Tyler Durden's picture

Below is a heatmap of the Nikkei "no news is great news, as is 26.5 trillion in fiat injections" relief rally. Note the main equity outlier, TEPCO, which however has seen its CDS tighten substantially overnight from 390-440 to just 285-315. The reason for the credit melt up is that according to an article, the operator of a nuclear facility will not be responsible for any damage caused by their reactor if it was due to "a grave natural disaster of an exceptional character or by an insurrection." Which simply means that the nationalization of TEPCO will be indirect and that Japan will have to issue that much more debt.

Source: Reuters