Moody’s Cuts Japan’s Rating in Blow to Abe Ahead of Election
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Moody’s Investors Service cut Japan’s credit rating, a setback to Prime Minister Shinzo Abe a day before today’s campaign start for an election that he wants to focus on the economy.
Moody’s reduced the rating for the world’s third-biggest economy one level to A1, the same as Bermuda, Israel, Oman and the Czech Republic, it said in a statement yesterday in Tokyo. The yen dropped to a seven-year low, then reversed the decline, while Japanese government bonds were little changed.