GENEVA, SWITZERLAND ? Credit rating agency Moody?s has joined Standard & Poor?s in downgrading Japan?s sovereign debt, citing a lack of long-term financial stability and uncertainty about its ability to repay heavy borrowing. The move Wednesday 24 August appears to have caused little reaction among Japanese investors, who were expecting the move. There was also little reaction to the Japanese government?s move, like Switzerland?s measures in recent days, to ease the pressure on companies suffering from the high yen by providing credit lines. The yen was trading slightly higher after the announcement, reports Reuters Africa.
Links to other sites: Channel News Asia, Financial Times, Reuters
Posted by?::?Ellen Wallace?on?24 August 2011?at?9:49?|?permalink?
News story, GenevaLunch,?24 August 2011.
Filed under:?News, World news
Tags: credit, Japan, Moody's, sovereign debt, Yen
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