Leroy Groffier(@LeroyGroffier):JAPAN MEGABANKS' CREDIT RISK: ultra-crowded Japanese bank trade seemingly rolling over in recent days on flattening JGB curve but also scintillae of AI-related credit risk. Mizuho 8411 most exposed via Softbank long-term and bridge loans but SMFG 8316 and MUFJ 8306 have also never met a credit bubble in which they didn't partake. Just a cautionary note for those exposed to this popular trade.

2026.10.22 08:53

JAPAN MEGABANKS' CREDIT RISK: ultra-crowded Japanese bank trade seemingly rolling over in recent days on flattening JGB curve but also scintillae of AI-related credit risk. Mizuho 8411 most exposed via Softbank long-term and bridge loans but SMFG 8316 and MUFJ 8306 have also never met a credit bubble in which they didn't partake. Just a cautionary note for those exposed to this popular trade.