TOKYO, July 29 — Rating agency Fitch today revised its outlook on Japan’s long-term foreign currency debt rating to negative from stable, citing the sharp coronavirus-induced domestic economic contraction. “The coronavirus pandemic has caused a sharp economic contraction in Japan, despite the...
Wednesday, 29 Jul 2020 12:12 PM MYT
TOKYO, July 29 — Rating agency Fitch today revised its outlook on Japan’s long-term foreign currency debt rating to negative from stable, citing the sharp coronavirus-induced domestic economic contraction. Although the government has lifted the emergency status, a recent jump in new infections could put renewed pressure on the economy.
Japan’s fiscal support and an expected recovery in external demand should help the economy to return to quarterly growth in the second half of 2020, Fitch said.“The negative outlook reflects that the higher debt ratio and downside risks to the macroeconomic outlook will nevertheless exacerbate the challenge of placing the debt ratio on a downward path over the medium term,” Fitch said.
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