Remember the Japan premium? Back in the day there were two tiers of credit in the markets: Credit for the creditworthy and credit for the Japanese banks. Saddled with a decade’s worth of bad loans, the Japanese banks were forced to pay up for funding. The shoe is on the other foot these days with non-Japanese banks paying up for cash in the Japanese domestic money markets…Non-Japanese names were forced to pay a premium of as much as 40 bp on Monday, according to the Nikkei. With rates near 0.5%, that’s a hefty premium.