S&P downgrades Japan

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Rating agency Standard and Poor's (S&P) on Thursday downgraded Japan's credit rating by one notch amid concerns over the country's growing fiscal deficit.

S&P lowered its long-term sovereign credit ratings on Japan from AA to AA–. The agency said the Japanese government's rising debts, persistent deflation and the burden placed on the country by its quickly aging population underpinned the decision.

S&P said that despite its strong external position, it expected government fiscal deficits to fall

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