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S&P upgrades rating for Japanese national bonds

5, 10. 2007

Standard & Poor’s announced on April 23, 2007 that it upgraded its rating of the Japanese national bonds from double A minus (AA-) to double A (AA). It was the first upgrading of the Japanese national bonds by S&P after it had downgraded to AA- from the rating of triple A (AAA) it gave to the bonds in 1992.
As reasons for the upgrading, S&P noted a progress was seen in Japan’s fiscal restructuring, normalization of financial policies, and structural reform. It was taken into consideration the expectation that the ratio of fiscal deficit against the gross domestic product (GDP) would go down from 8.2% at the end of fiscal 2002 to 5.0 % at the end of fiscal 2007.
S&P indicated, however, that the rating might possibly be downgraded again if no progress was made in the pension reform and other measures for the problem of the aging.

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