Changes in Debt Composition at Japanese Banks Even in an environment where arbitrage trading by banks supplying U.S. dollars is constrained, the dollar funding premia in the FX swap market may decline if non-U.S. financial institutions (including Japanese banks) can shift their funding from the relatively expensive swap market to the (uncollateralized) U.S. short-term money market.
Lesetja Kganyago: South Africa and the normalisation of world monetary policies Address by Mr Lesetja Kganyago, Deputy Governor of the South African Reserve Bank, at the Merrill Lynch 2nd Annual Fixed Income Investor Conference, Sandton, 27 November 2013.