Moody's downgrades Japan on debt concerns

The downgrade came as the government unveiled a $100bn loans programme to help companies deal with a strong yen that threatens the economy, the Telegraph reports. Moody's reduced the rating on Japanese government bonds to Aa3 from Aa2 less than a week before Japan is to select a new prime minister to become the nation's sixth leader in five years. The agency said: "Over the past five years, frequent changes in administrations have prevented the government from implementing long-term economic and fiscal strategies into effective and durable policies." In May Moody's warned it might ...