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Moody's to consider reduction in Japan's credit rating

The international ratings agency, Moody's, says it's considering a further reduction in Japan's credit rating.

Tokyo correspondent Mark Simkin reports on what would be yet another blow to the world's second largest economy:

"Moody's says it will review the rating of Japanese government securities, and could downgrade them by one or two notches. The agency says the review reflects the weakening economic conditions in Japan, especially deflation… a dangerous cycle of falling prices. If Moody's goes ahead with the downgrade, it would leave the world's second largest economy with the lowest rating of the major industrial countries.

14/02/2002 11:51:21 | ABC Radio Australia News

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