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In Japan, Abe Still Wants to Repeal the Peace Constitution
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In Fukushima, Life Remains a Daily Combat
The Catastrophe at Fukushima: TEPCO Begins its Confession
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The Choice Between "Hell and Reason"
At Fukushima, a Serious Radioactive Leak
Fukushima, Fears are Confirmed
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Death Still Hangs Over Fukushima
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The Uyghur Issue: How Can the U.S. Dare Lecturing China About the Rights of the Muslims?
Rwanda : An occasional French memory
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Venezuela — The Washington Condor Wants to Intevene in Caracas
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Venezuela: coup d’État scenario too perfect
ORIGINAL FRENCH ARTICLE: Moody’s baisse la note de crédit du Japon
Moody’s lowers Japan’s credit rating
Translated Saturday 27 August 2011, by and reviewed by Henry Crapo
With their rating brought down to Aa3, three notches below AAA, Japan has been placed under increased pressure. In spite of the difficulties the country faces, the markets want to submit it to greater austerity.
The ratings agency justifies its decision as follows: “Over the past five years, frequent changes in administrations have prevented the government from implementing long-term economic and fiscal strategies as effective and durable policies”.
In response, the Japanese government has announced a series of measures to counter the strength of the yen, one of which is a 100 billion dollar (69 billion euro) credit facility, over one year, to encourage Japanese businesses to make foreign investments, and an increased surveillance of the foreign exchange market. Finance Minister Yoshihiko Noda hopes to thus curb the rise of the yen, seen as a safe investment in the context of investors’ distrust of any risky assets.
