Japan should concentrate on reform not the loss of its AAA credit ratings
Japan is singing the blues about the loss of its triple-A credit status. The vice-finance minister, Haruhiko Kuroda, is demanding an explanation from Moody's Investors Service and Standard & Poor's. Early indications are that no explanations will be forthcoming. Japan lost its AAA local currency rating from S&P on 22 February, 2001, and the rating fell further on 28 November and 15 April, 2002. Moody's yanked its Aaa much earlier, on 23 July, 1998. What really steams prime minister Junichiro Koizumi is that his country's rating is, as he says, 'lower than countries in Africa to which it...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes