In the foreign exchange market, the yen depreciated further towards the start of the year, and is currently being traded above 130 yen to the U.S. dollar. With regard to corporate finance, private banks appear to be more cautious in extending loans to firms with high credit risks while they continue to be more active in extending loans to blue-chip companies.
2  Feld, Lars P, A Kalb, M-D Moessinger and S Osterloh (2013), Sovereign, Bond Market Reactions to Fiscal Rules and No-Bailout Clauses: The Swiss Experience, Centre for European Economic Research (ZEW), Discussion Paper No.13–034. BIS central bankers’ speeches  3  preferential regulatory treatment afforded to sovereign bonds.