Japan is the latest country to face a credit rating downgrade. Moody’s Investors has cut Japan’s government bond rating from Aa3 to Aa2. Japan’s economy shrank by 1.3% in the year to June. Several major Japanese banks were also downgraded.

The ruling Democratic Party of Japan (DPJ) is facing a leadership election at the end of this month as Prime Minister Naoto Kan is expected to resign.

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