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Author Topic: S&P cuts Japan sovereign debt rating  (Read 1644 times)

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Offline BlueStateSaint

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S&P cuts Japan sovereign debt rating
« on: January 27, 2011, 05:12:39 AM »



And the Dems either don't realize that this is coming to the US, or (more likely) they don't care.


S&P cuts Japan sovereign debt rating

By Tetsushi Kajimoto

Tetsushi Kajimoto – 34 mins ago
TOKYO (Reuters) – Rating agency Standard & Poor's cut Japan's long-term sovereign debt rating on Thursday for the first time since 2002, saying the country's government lacked a coherent plan to tackle its mounting debt.

It reduced the rating by one notch to AA minus, three levels below the highest possible rating and providing a sharp reminder to other developed nations, such as those in Europe and the United States, of the growing concerns about the debt built up during the global financial crisis.

Politicians and credit ratings agencies have been warning for years that Japan needs to lower its public debt pile, by far the worst among rich nations at double the size of its $5 trillion economy, but progress has proved elusive.

Julian Jessop, chief international economist at Capital Economics in London, warned of the consequences if Tokyo failed to get its fiscal house in order.

"If it looks like making a mess of this, further downgrades will surely follow. Given the size of Japan's economy and the current sensitivity of global financial markets to sovereign debt concerns, the impact would be felt worldwide."



The rest is at:

http://news.yahoo.com/s/nm/20110127/ts_nm/us_japan_economy_debt

The article goes on to say that, while most of the countries are attempting to tackle their problems with debt now, Japan just tacked on more and more . . . and now they're reaping the "rewards" of that.  Does this sound familiar to anyone?
« Last Edit: January 27, 2011, 07:02:43 AM by Thor »
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Offline DumbAss Tanker

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Re: S&P cuts Japan sovereign debt rating
« Reply #1 on: January 27, 2011, 08:47:40 AM »
Seems to be just a warning shot, as I understand it S&P downgraded the long-term debt a single notch to something like AA- (Still pretty high, and far ahead of the ratings of Mediterranean EU countries) but not the short-term debt.  The Japanese are both headstrong and politically paralyzed enough that I'm not sure they will take any real note of it in terms of fixing anything.
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Offline olde north church

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Re: S&P cuts Japan sovereign debt rating
« Reply #2 on: January 27, 2011, 09:01:07 AM »
Please let this cause a serious drop in the yen to rates prior to Obama's economic malfeasance plan.  I need a couple of JDM rods and reels.
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Offline cavegal

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Re: S&P cuts Japan sovereign debt rating
« Reply #3 on: January 27, 2011, 10:16:16 AM »
Quote
And the Dems either don't realize that this is coming to the US, or (more likely) they don't care.
I am at the frame of mind now they hate Capitalism so much, they do not care.
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Offline true_blood

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Re: S&P cuts Japan sovereign debt rating
« Reply #4 on: January 27, 2011, 01:09:56 PM »
Quote from: cavegal on January 27, 2011, 10:16:16 AM
I am at the frame of mind now they hate Capitalism so much, they do not care.
I am going to agree with you CG.
If they cared, the amount of money they are willing to spend and spend is overwhelming. The interest alone is going to be overbearing. Such a shame.
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