Standard & Poor's Downgrades Japan
RENEE MONTAGNE, host:
NPR's business news starts with a downgrade for a major economy.
(Soundbite of music)
MONTAGNE: Japan, now the world's third-largest economy, was downgraded today by the global credit ratings agency Standard & Poor's. S&P says it lowered Japan's double-A rating notch because of concerns over rising government debt. Ratings agencies evaluate the risk of government bonds, and a downgrade can make it more expensive for a government to borrow on international financial markets. Japan's economy minister called the move regrettable.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.