THE DECISION OF Moody’s Investors Service to place Japan’s sovereign credit ratings on review with negative outlook suggests that the risk of default, however remote, is rising amid growing government debt, economic stagnation and the ineffectiveness of traditional monetary policy. As investors become more concerned, this has had a sometimes surprising impact on the way different classes of Japanese issuers are approaching the debt capital markets.
In the international markets, issues by Japanese government guaranteed issuers (JGGIs) are still being well received.
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