Hugh Hendry is Short Cheap Japanese Industrial Credits Using CDS

First off, check out the office of Eclectica Asset Management in this BBC interview with CIO/CEO Hugh Hendry (hat tip Paul Kedrosky's blog). In the comment section someone said this video was a year old. If you didn't know, Hendry is currently short $2 billion worth of 10 year Japanese industrial debt with a 1% yield using credit default swaps. That's cheap! Listen to this KingWorldNews interview for more. Carney's NetNet Blog at noted today (via FT) that he's betting against China by shorting Japanese corporate debt.
"Mr Hendry has purchased cheap credit protection on companies such as Nippon Steel or JFE Holdings for as little as 50 basis points annually, expecting that spreads will blow out following an export-led slowdown."
Was this trade the next "John Paulson trade" he was talking about at that Russian Forum earlier this year?