Standard & Poor's has downgraded its outlook for Japan’s sovereign debt from “stable” to “negative,” citing concerns that reconstruction costs following the March 11 disaster would increase Japan’s fiscal deficits.
The rating agency cited concerns that the Japanese government would face difficulty providing a clear plan for paying for reconstruction, which S&P estimates as ranging from Y20,000bn ($245bn) to Y50,000bn.
“The negative outlook signals that a downgrade is possible if Japan’s public finances weaken further over the next two years in the absence of fiscal consolidation to offset them,” S&P said.
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