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  "domain": "derivatives",
  "title": "Cross-currency basis swap (Japan focus)",
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  "frontmatter": {
    "title": "Cross-currency basis swap (Japan focus)",
    "aliases": [
      "cross-currency-basis-swap-japan",
      "CCBS JPY-USD",
      "通貨ベーシス スワップ",
      "Japan cross-currency basis",
      "JPY-USD basis",
      "EUR-USD basis",
      "year-end basis widening",
      "BoJ-Fed swap line"
    ],
    "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",
      "fx",
      "basis",
      "funding",
      "life-insurer",
      "central-bank-swap"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.boj.or.jp/en/mopo/measures/mkt_ope/ope_h/index.htm",
      "https://www.boj.or.jp/en/mopo/measures/mkt_ope/ope_h/opetori13.htm",
      "https://www.federalreserve.gov/monetarypolicy/bst_liquidityswaps.htm",
      "https://www.isda.org/a/ORiDE/isda-rates.pdf",
      "https://www.bis.org/publ/qtrpdf/r_qt1609e.htm"
    ]
  },
  "summary": "A cross-currency basis swap (CCBS) is an OTC derivative in which two counterparties exchange floating-rate interest payments in two different currencies, with the principal also exchanged at inception and re-exchanged at maturity. The \"basis\" is the spread quoted on one leg (conventionally the non-U",
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    "Mechanics",
    "Notional, collateral, and credit exchanges",
    "Why the basis deviates from zero",
    "JPY-USD vs EUR-USD basis dynamics",
    "Term-structure of basis",
    "Year-end / quarter-end widening",
    "Central bank swap lines"
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