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National News

Moody's cuts Japan debt rating

Moody's Investors Service Inc. said Aug. 24 it has lowered the credit rating of Japanese government bonds by one notch for the first downgrade in nine years, citing the huge budget deficit and debt as well as political instability, which it said has hampered drastic reform initiatives.

The downgrade — from Aa2 to Aa3 with a stable outlook — added to growing concerns about fiscal sustainability in the world's leading economies, with financial markets already unsettled by debt problems in the United States and Europe. But the latest rating action had been largely expected, and the bond market in Tokyo reacted calmly.

The decision by the U.S. rating agency came despite Tokyo's efforts to rehabilitate its debt-laden public finances, including a recently announced plan to double the consumption tax to 10 percent in stages by the mid-2010s to help secure funds to cover swelling welfare costs, which have increasingly weighed on the state coffers. (Kyodo News)

Shukan ST: September 2, 2011

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National News Moody's cuts Japan debt rating Moody's Investors Service Inc. said Aug. 24 it has lowered the credit rating of Japanese government bonds by one notch for the first downgrade in nine years, citing the huge budget deficit and debt as well as political instability, which it said has hampered drastic reform initiatives. The downgrade — from Aa2 to Aa3 with a stable outlook — added to growing concerns about fiscal sustainability in the world's leading economies, with financial markets already unsettled by debt problems in the United States and Europe. But the latest rating action had been largely expected, and the bond market in Tokyo reacted calmly. The decision by the U.S. rating agency came despite Tokyo's efforts to rehabilitate its debt-laden public finances, including a recently announced plan to double the consumption tax to 10 percent in stages by the mid-2010s to help secure funds to cover swelling welfare costs, which have increasingly weighed on the state coffers. (Kyodo News) Shukan ST: September 2, 2011 (C) All rights reserved