Japan hits out at ratings downgrade

JAPAN - As Japan braced for a possible two notch downgrade to its sovereign credit rating next week, the Ministry of Finance stepped up its war of words with the world's leading rating agencies by restating its belief that they are misguided.

Moody's Investor Services is poised to announce its latest rating decision and has indicated it may downgrade Japan by two notches - a move that has infuriated the government as it would place Japan on a par with Botswana.

In response the ministry has

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