Oh, No! Japan Gets Downgraded. Oh, Wait.

The ratings cut represents the past, not the future.

Do I care what S&P thinks?

Photographer: Cameron Spencer/Getty Images

Standard & Poor’s has downgraded Japan’s sovereign-credit rating from AA- to A+. It is the most recent of the major credit-rating companies to do so; Moody’s was the first, in December 2014, followed by Fitch in April. S&P justified its downgrade by saying that the outlook for Prime Minister Shinzo Abe’s “Abenomics” program is grim:

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