Standard & Poor's cut its credit rating by one notch Japan, carrying the rating from “AA-” to “A+”.
“Despite initial promises, the government's strategy is unlikely to reverse the momentum of the economy from its deterioration over the next two to three years,” the agency wrote in a statement.
The move comes shortly after the decision of the Bank of Japan to confirm the status quo in monetary policy, while according to some observers it will be necessary to further strengthen the expansionary measures.
The BoJ, reads the note released after the board meeting, will continue to increase the monetary base at a rate of approx 80 trillion yen annually (almost 600 billion euros).
The Japanese economy continued "to recover moderately – continues the note – despite exports and production being affected by the slowdown in emerging economies".
