S&P lowers Japan credit rating as recovery prospects dim
Source: AP
TOKYO (AP) — Standard & Poor's lowered Japan's sovereign credit rating on Wednesday and said it doesn't expect Prime Minister Shinzo Abe's economic revival strategy to reverse deteriorating government finances within the next three years.
The credit rating agency lowered the long-term credit rating to A+ from AA- and said its outlook was stable, meaning further changes to the rating are unlikely in the near to medium term.
A credit rating downgrade can raise the cost of borrowing overseas for governments but Japan is largely insulated as most state debt is in local hands.
S&P said Japan is unlikely to experience an economic recovery strong enough in the next few years to restore its sovereign credit rating to earlier levels.
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Read more: http://bigstory.ap.org/article/cdc28999c66d49ecb6f7b6d16f50ead5/sp-lowers-japan-credit-rating-recovery-prospects-dim
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Remember all the books about Japanese management techniques? Remember the lectures Prime Minister Nakasone used to give about racial purity as the key to economic success? Remember when he claimed that America was less intelligent than Japan because "the US has many immigrants, Puerto Ricans and blacks, who bring the average level down"?
And then...
