Moody's has cut Japan's credit rating one notch to A1 – only the fifth-best investment grade - sending the yen to a new seven year low against the dollar.
The rating agency said that the downgrade was triggered by rising uncertainty over the success of prime minister Shinzo Abe's drastic economic, fiscal and monetary reforms – dubbed "Abenomics".
The government was recently forced to shelve the second of two sales tax increases after the first one pushed the country back into recession.
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