Moody’s Downgrades Japan to Aa3
So, another day… another downgrade. This time Japan’s debt has been downgraded and the market seems to not have cared. So much for the doom and gloom crowd saying a downgrade is the end of life as we know it.
From Reuters:
Moody’s Investors Service cut its rating on Japan’s
government debt by one notch to Aa3 on Wednesday, blaming large
budget deficits and a buildup of debt since the 2009 global
recession.
and in related news: Japan Intervenes In FX Markets…
MOF: Will Require Banks To Report FX Trading Positions – a nice little appetized to FX capital controls…
Fin Min Noda: Will Set Up Maximum $100B Facility To Deal With Yen Rise – yet another attempt at central planning of FX crosses
MOF: Will Strengthen Monitoring Of Currency Markets – Noda will be watching… even more
At least we know the US won’t be downgraded again anytime soon.
HT ZH
