TOKYO, Oct 11 (AFP): Moody's upgraded Japan's domestic debt rating today on expectations that the world's second largest economy will continue to recover and the new government will pursue fiscal reforms.
Moody's Investors Service raised its rating from A2 to A1, its fifth-highest rank.
The ratings agency applauded initial signals on reform from Prime Minister Yasuo Fukuda, a centrist political veteran who took office last month after his unpopular predecessor Shinzo Abe resigned.
Fukuda's commitment to spending cuts "will likely lead to narrower general government budget deficits and the attainment of the government's objective to achieve a primary surplus on the general government budget balance by the targeted year of 2011," Moody's senior vice president Thomas Byrne said.
Moody's upgrades Japan's debt rating
FE Team | Published: October 12, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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