http://www.bloomberg.com/news/2011-0...is-stable.htmlJapan Credit Rating Cut by S&P on Absence of Strategy to Curb Debt Levels
By Toru Fujioka and Aki Ito - Jan 27, 2011 3:05 PM GMT+0100
Japan’s credit rating was cut for the first time in nine years by Standard & Poor’s as persistent deflation and political gridlock undermine efforts to reduce a 943 trillion yen ($11 trillion) debt burden.
The world’s most indebted nation is now ranked at AA-, the fourth-highest level, putting the country on a par with China, which likely passed Japan last year to become the second-largest economy. The government lacks a “coherent strategy” to address the nation’s debt, the rating company said in a statement....