Yen Crosses Dip Further but Yet to Break Trend Lines
The Japanese yen extends recent rally as the week starts on the back of weakness in stocks. Nikkei breached 9000 psychological level briefly but managed to close 226pts down at 9038. Moody's unified Japan's debt ratings to Aa2, with foreign-currency debt ratings lowered from Aaa and local currency assessment raised from Aa3.
While the outlook on debt remains stable with "considerable strengths", Moody's said that the rating also reflects the risks of Japan's "high level of debt" and the country's fiscal position is "vulnerable to shocks or imbalances".
The Japanese yen extends recent rally as the week starts on the back of weakness in stocks. Nikkei breached 9000 psychological level briefly but managed to close 226pts down at 9038. Moody's unified Japan's debt ratings to Aa2, with foreign-currency debt ratings lowered from Aaa and local currency assessment raised from Aa3.
While the outlook on debt remains stable with "considerable strengths", Moody's said that the rating also reflects the risks of Japan's "high level of debt" and the country's fiscal position is "vulnerable to shocks or imbalances".
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