InsideJapan News Network
Wednesday,
27th
April
2011
In Business In Japan,
In Business In Japan,
S&P cuts Japan's sovereign credit rating
International credit ratings agency Standard & Poor's (S&P) has downgraded Japan after weighing up the cost of earthquake reconstruction efforts.
S&P had already cut Japan's credit rating in January, saying that the government was not doing enough to handle the national debt, which is currently estimated at twice its $5 trillion (£3 trillion) GDP, Reuters reported.
Japan is now rated as AA minus by S&P, which makes for its lowest rating among the major international agencies.
The report estimates that reconstruction efforts, following last month's giant earthquake, could total $613 billion.
This news, which may worry those with interests in Japanese business, comes in the same week that the Office for Economic Co-operation and Development (OECD) revised its economic estimates for Japan.
The OECD now predicts that the Japanese economy will grow by just 0.8 per cent in 2011 and 2.3 per cent in 2012.
Written by Mark Smith
S&P had already cut Japan's credit rating in January, saying that the government was not doing enough to handle the national debt, which is currently estimated at twice its $5 trillion (£3 trillion) GDP, Reuters reported.
Japan is now rated as AA minus by S&P, which makes for its lowest rating among the major international agencies.
The report estimates that reconstruction efforts, following last month's giant earthquake, could total $613 billion.
This news, which may worry those with interests in Japanese business, comes in the same week that the Office for Economic Co-operation and Development (OECD) revised its economic estimates for Japan.
The OECD now predicts that the Japanese economy will grow by just 0.8 per cent in 2011 and 2.3 per cent in 2012.
Written by Mark Smith
Latest Headlines
-
Click on a region above to expand
Order a
Hyper excited about Japan -
17/02/2012
InsideJapan meets Masterchef at Destinations - 27/01/2012
Show Time for IJT – Get your FREE tickets here! - 01/12/2011
Show all stories >>
InsideJapan meets Masterchef at Destinations - 27/01/2012
Show Time for IJT – Get your FREE tickets here! - 01/12/2011
Show all stories >>
-2010.jpg "The Guardian, The Observer - Travel Awards 2010 Winner - Best tour operator (small)")
.jpg "Inside Japan Tours - Silver at the British Travel Awards 2009")
