Japan's credit rating cut to AA- by Standard & Poor’s due to high debt

Japan's credit rating was cut for the first time since 2002 by Standard & Poor's which stated the Japanese Government is lacking a "coherent strategy" to reduce a JPY943 trillion (USD11 trillion) debt burden (AP/The Australia/Bloomberg/Reuters, 28-Jan-2011). S&P reduced its rating on Japan's long-term sovereign debt from AA to AA- adding that it expects the country's fiscal deficits to remain high in coming years.