Standard & Poor’s has slashed its rating on Japanese debt from AA- to A+ in what it framed as an indictment of prime minister Shinzo Abe’s economic strategy.
The downgrade is unlikely to trigger any immediate turmoil in the Japanese government bond markets, which are driven by deflation and large-scale asset buying by the Bank of Japan.
But the decision is likely to cause concern in Mr Abe’s office because S&P blamed it directly on disappointment with his economic policies.
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