The cost of protecting Japanese corporate bonds from default rose to a record after the economy last quarter shrank the most since the 1974 oil crisis.
The Markit iTraxx Japan index of credit default swaps on the debt of 50 investment-grade borrowers, including Mitsubishi Corp. and Nissan Motor Co., rose 20 basis points to 490 as of 10 a.m. Monday, Barclays PLC prices showed.
The economy contracted at an annual 12.7 percent pace last quarter amid a collapse in exports and production, the Cabinet Office said. Gross domestic product fell for a third straight quarter in the three months that ended Dec. 31.