Japan’s Long-Term Rating Outlook Cut to Negative by Fitch
- Move follows similar S&P outlook downgrade last month
- Fitch sees economy shrinking 5% in 2020, growing 3.2% in 2021
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Fitch Ratings cut the outlook on Japan’s sovereign debt rating to negative from stable while keeping the rating unchanged, following a similar move last month by S&P Global Ratings.
“The coronavirus pandemic has caused a sharp economic contraction in Japan, despite the country’s early success in containing the virus,” Fitch said in a statement Wednesday.