© Dukascopy
"Japan's finances are getting worse and worse every day"
- Takahira Ogawa, director of sovereign ratings at S&P in Singapore
Standard & Poor's hinted that new Japanese government led by Yoshihiko Noda hasn't made enough progress in reducing public debt, a sign that the company may consider downgrading Japan's credit rating.
"Japan's finances are getting worse and worse every day, every second," said Takahira Ogawa, director of sovereign ratings at S&P in Singapore.
Asked if this is a sign the company is closer to downgrading the country, he said it "may be right in saying that we're closer to a downgrade. But the deterioration has been gradual so far, and it's not like we're going to move today."