久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Global Biz

S&P cuts Japan sovereign rating outlook

(Agencies)
Updated: 2011-04-27 15:39
Large Medium Small

TOKYO - Standard and Poor's threatened to cut Japan's sovereign credit rating again, warning the huge cost of last month's devastating earthquake will hurt already weak public finances unless bickering politicians can agree to raise taxes.

It affirmed its long-term sovereign credit rating on Japan at AA minus -- the lowest among the major agencies -- but cut the outlook to negative from stable.

Related readings:
S&P cuts Japan sovereign rating outlook Japan's royal couple visits disaster-stricken town
S&P cuts Japan sovereign rating outlook Rebuilding Japan's disaster-hit towns may take a decade

The ratings agency cut Japan's sovereign credit rating in January for the first time since 2002, saying the government had no plan to deal with its mounting debt while adding the administration's loss of an upper house majority had compounded the problem.

Public debt, already twice the size of the $5 trillion economy, is set to swell as the country faces reconstruction costs following the March 11 earthquake and tsunami that could reach 50 trillion yen ($613 billion), S&P said.

"If there are no revenue enhancing measures such as tax increases, we expect the central and local governments to bear most of this cost," the agency said.

However, the country's deepest crisis since World War Two has not healed rifts between the government and the opposition, whose majority in the upper house stands in the way of fiscal reform.

In addition, Prime Minister Naoto Kan's deep unpopularity means that even within his party, he has little room for manoeuver to shore up the country's public finances.

"This will put more pressure on the Japanese government to do something about revenue enhancement," Takuji Okubo, chief economist at Societe Generale, said.

Still, Okubo said the S&P action could help the government's case for fiscal reform, which centres on raising the 5 percent consumption tax -- something acknowledged by Japan's finance minister.

"Fiscal reform is something we cannot avoid," the minister, Yoshihiko Noda, said. "The government at present is doing its utmost for disaster relief and reconstruction. It is important to pursue fiscal reform at the same time. We will try to gain trust in Japan's economy and public finances in and outside Japan."

Budget deficit swelling

Japanese sovereign credit default swaps were 1 basis point wider at 77 basis points after the S&P announcement, but they remain well off post-quake peaks near 120 basis points and a few basis points tighter than just before the disaster.

The yen dipped shortly after the announcement with the dollar climbing to an intraday high of 81.781 yen, but analysts said the S&P move was unlikely to have much impact.

"The impact on the forex market is likely to be temporary," said Masafumi Yamamoto, chief currency strategist at Barclays Capital in Tokyo.

Japan is not alone among industrialised countries in confronting a swollen budget deficit.

Just last week S&P slapped a negative outlook on the top-level AAA credit rating of the United States, where lawmakers are also squabbling over how to deal with a massive fiscal deficit. The European Union is facing a critical test as the region deals with its worst debt crisis since the single euro currency was launched.

Japan's government has estimated that the cost of the damage from the 9.0-magnitude earthquake and tsunami on March 11 could reach just above $300 billion. A nuclear power crisis resulting from the tsunami has further damaged the economy.

However, S&P projected reconstruction costs at between 20 trillion yen and 50 trillion yen ($245 billion to $613 billion).

It said if government revenues are not boosted, these costs would add 2 percent of gross domestic product to the general government fiscal deficit this year and 1 percent next year. Deficits would remain above 8 percent through 2014, it said.

"Much will depend on Japan's political leadership and its ability to forge a political consensus on how to offset fiscal measures in the future," S&P said.

Japan is expected to pass an initial 4 trillion yen ($49 billion) extra budget for disaster relief in early May that won't entail fresh borrowing, but that is just a down payment on the expected cost of rebuilding in Japan's devastated northeast.

"Given the huge damage from the earthquake, everyone knows that government spending will be massive," said Junko Nishioka, chief economist at RBS Securities Tokyo.

"We are not expecting big new government bond issuance for the coming second supplementary budget but political deadlock is likely to heighten the negative risk for sovereign debt."

分享按鈕
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    蜜桃视频在线观看一区| 国产精品亚洲午夜一区二区三区 | 久久麻豆一区二区| 成人一级黄色片| 亚洲精品五月天| 67194成人在线观看| 韩国精品一区二区| 中文字幕一区免费在线观看| 欧美日韩一级视频| 国内精品视频666| 亚洲欧美在线视频观看| 欧美精品日韩一本| 国产成人亚洲精品狼色在线| 洋洋av久久久久久久一区| 日韩三级.com| caoporm超碰国产精品| 视频在线观看91| 欧美国产成人精品| 欧美美女网站色| 粉嫩高潮美女一区二区三区 | 欧美日韩一卡二卡三卡 | 91论坛在线播放| 免费视频一区二区| 国产精品久久久久久亚洲毛片 | 国产麻豆9l精品三级站| 亚洲欧美乱综合| 日韩精品一区二区三区在线 | 亚洲三级在线看| 日韩精品一区二区在线| 91亚洲国产成人精品一区二三| 青青草成人在线观看| 综合电影一区二区三区 | 精品国产不卡一区二区三区| bt欧美亚洲午夜电影天堂| 日本不卡视频在线观看| 成人欧美一区二区三区在线播放| 欧美一三区三区四区免费在线看| 99热这里都是精品| 久久爱www久久做| 亚洲中国最大av网站| 国产天堂亚洲国产碰碰| 91精品国产一区二区| 97精品久久久久中文字幕 | 欧美高清hd18日本| 99精品久久只有精品| 狠狠色狠狠色合久久伊人| 亚洲图片一区二区| 中文字幕欧美日韩一区| 欧美一区二区三级| 日本韩国欧美三级| 国产ts人妖一区二区| 日韩在线一区二区三区| 亚洲精品欧美二区三区中文字幕| 久久久不卡网国产精品二区| 欧美一区二区在线视频| 日本丶国产丶欧美色综合| 成人性生交大片免费看在线播放 | 狠狠色伊人亚洲综合成人| 亚洲第一电影网| 亚洲丝袜制服诱惑| 久久久激情视频| 欧美电视剧在线观看完整版| 欧美日韩一区二区不卡| 色88888久久久久久影院按摩| 国产91精品欧美| 精品影视av免费| 人妖欧美一区二区| 亚洲成人av免费| 玉足女爽爽91| 国产精品灌醉下药二区| 日本一区二区综合亚洲| 日韩精品一区二区三区在线 | 日韩高清一级片| 亚洲自拍欧美精品| 亚洲黄色在线视频| 亚洲美女视频一区| 国产精品不卡视频| 国产精品视频免费看| 久久久久97国产精华液好用吗| 精品久久久久久久人人人人传媒| 制服.丝袜.亚洲.另类.中文| 欧美日韩免费电影| 欧美日韩日日摸| 欧美日韩国产区一| 欧美日韩成人在线| 欧美日韩国产精品自在自线| 欧美性色欧美a在线播放| 91免费观看在线| 色婷婷av一区二区三区之一色屋| 99久久免费精品高清特色大片| 成人av在线一区二区三区| 国产不卡视频在线播放| 国产风韵犹存在线视精品| 国产激情视频一区二区三区欧美| 国产寡妇亲子伦一区二区| 国产精品18久久久久久久久 | 91精品国产欧美一区二区18 | 国产福利一区二区三区| 国产成人免费视频一区| 国产河南妇女毛片精品久久久| 国产高清不卡二三区| 成人免费看视频| 97国产一区二区| 在线观看91视频| 欧美色精品在线视频| 91.成人天堂一区| 欧美tickling网站挠脚心| 精品国产91洋老外米糕| 国产日韩欧美一区二区三区综合| 国产精品乱人伦| 亚洲欧美日韩电影| 亚洲午夜久久久| 青娱乐精品在线视频| 狠狠色丁香久久婷婷综| 国产成人啪免费观看软件| voyeur盗摄精品| 欧美性猛片aaaaaaa做受| 91精品国产综合久久久蜜臀粉嫩 | 久99久精品视频免费观看| 国产乱码一区二区三区| 成人精品电影在线观看| 91国偷自产一区二区开放时间 | 国产视频亚洲色图| 亚洲视频一区在线| 日韩一区欧美二区| 国产一区中文字幕| av在线播放一区二区三区| 欧美亚洲高清一区二区三区不卡| 91精品国产黑色紧身裤美女| 精品国产乱码久久久久久1区2区 | 精品影院一区二区久久久| 国产a级毛片一区| 91麻豆国产精品久久| 69堂国产成人免费视频| 久久综合999| 亚洲欧美一区二区久久 | 欧美专区在线观看一区| 日韩视频免费直播| 国产精品私人自拍| 亚洲福中文字幕伊人影院| 精品一区二区三区影院在线午夜 | 久久久久久久综合狠狠综合| 亚洲欧洲综合另类在线 | 美女视频网站久久| 99视频精品全部免费在线| 欧美放荡的少妇| 国产精品欧美一区二区三区| 午夜精品福利在线| 国产mv日韩mv欧美| 欧美理论片在线| 欧美极品美女视频| 日韩中文字幕不卡| 成人美女视频在线看| 欧美肥妇bbw| 国产精品盗摄一区二区三区| 午夜精品视频在线观看| 成人免费毛片片v| 欧美一级一区二区| 国产精品青草综合久久久久99| 天堂蜜桃91精品| eeuss鲁一区二区三区| 日韩欧美精品在线视频| 亚洲激情在线激情| 国产黑丝在线一区二区三区| 欧美日韩一级二级| 国产精品护士白丝一区av| 日本欧美加勒比视频| 色综合久久中文综合久久牛| 精品国产不卡一区二区三区| 亚洲一区二区三区四区五区黄| 国产一区二区三区日韩| 欧美片网站yy| 亚洲日本va午夜在线影院| 韩国一区二区三区| 欧美老年两性高潮| 亚洲免费观看高清在线观看| 国产精品一区在线观看乱码| 91精品国产一区二区三区蜜臀| 亚洲精品中文在线| 成人精品视频网站| 欧美va亚洲va国产综合| 亚洲小说春色综合另类电影| av午夜一区麻豆| 国产亚洲精品超碰| 美国av一区二区| 欧美日韩国产大片| 亚洲色欲色欲www在线观看| 国产精品88av| 欧美精品一区二区三区四区| 水野朝阳av一区二区三区| 在线一区二区三区| 国产精品不卡一区| 国产精品白丝jk黑袜喷水| 日韩精品一区二区三区在线播放| 午夜欧美2019年伦理| 91精品福利视频| 亚洲男人天堂av网| 99久久免费精品高清特色大片| 欧美极品xxx| 国产高清视频一区|