L'Humanité in English
Translation of selective papers from the french daily newspaper l'Humanité
decorHome > World > Moody’s lowers Japan’s credit rating

EditorialWorldPoliticsEconomySocietyCultureScience & TechnologySportInternational Communist and Labor Press"Tribune libre"Comment and OpinionBlogsLinks
About Japan, read also
decorIn Japan, US soldiers commit crimes with complete impunity decorIn Japan, Abe Still Wants to Repeal the Peace Constitution decor"The Catastrophe at Fukushima Has Launched a Series of Democratic Movements" decorIn Fukushima, Life Remains a Daily Combat decorThe Catastrophe at Fukushima: TEPCO Begins its Confession decorFive innocents condemned to death decorAlbert Camus on Hiroshima. War journal of 8 August 1945 decorThe Choice Between "Hell and Reason" decorAt Fukushima, a Serious Radioactive Leak decorFukushima, Fears are Confirmed decor"To Work at Fukushima, You Have to Be Ready to Die" decorDeath Still Hangs Over Fukushima

Moody’s lowers Japan’s credit rating

Translated Saturday 27 August 2011, by Jayne McKenzie 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.

Follow site activity RSS 2.0 | Site Map | Translators’ zone | SPIP