Japan hit by credit rating cut
Fitch cut Japan’s sovereign credit status yesterday to the lowest level among global ratings agencies as a political stalemate there dims the chance that the country can curb its snowballing debt. Fitch Ratings cut Japan’s long-term foreign currency rating by two levels from AA to A+, the fifth highest investment grade. It cut the more important local currency rating by one notch from AA- to A+. Both were given a negative outlook. Fitch warned further downgrades were possible unless the government takes steps to stabilise public finances.