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  "domain": "derivatives",
  "title": "Bond-CDS basis trade Japan",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Bond-CDS basis trade Japan",
    "aliases": [
      "basis-trade-bond-cds-japan",
      "Japan negative basis trade",
      "Japan CDS-bond basis",
      "Japan credit basis arbitrage",
      "long-cash-short-CDS Japan",
      "日本 ベーシス トレード",
      "日本社債 CDS ベーシス",
      "derivatives/bond-cds-basis-trade"
    ],
    "domain": "derivatives",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "derivatives",
      "cds",
      "basis-trade",
      "arbitrage",
      "repo",
      "funding",
      "balance-sheet",
      "boj-ycc",
      "covid",
      "japan-corporate-credit"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.boj.or.jp/en/statistics/index.htm",
      "https://www.boj.or.jp/en/mopo/outline/qqe.htm",
      "https://www.mof.go.jp/english/policy/jgbs/index.html",
      "https://www.fsa.go.jp/en/refer/councils/follow-up/index.html",
      "https://www.isda.org/",
      "https://www.jpx.co.jp/jscc/en/cds/index.html",
      "https://www.bis.org/statistics/derstats.htm",
      "https://www.jsda.or.jp/en/"
    ]
  },
  "summary": "The Japan bond-CDS basis compares a corporate CDS spread with a matched cash bond's credit spread over a stated government or swap benchmark. Under the convention used here, basis = CDS spread minus bond spread. A negative quoted basis can motivate a financed long-bond / bought-protection comparison",
  "headings": [
    "Bond-CDS basis trade Japan",
    "TL;DR",
    "Wiki route",
    "Definition",
    "Why basis is not zero",
    "Structure",
    "P&L decomposition",
    "Required holding period",
    "Funding cost considerations",
    "Repo-availability constraints"
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