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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56844)	12/4/2001 3:10:34 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tuesday, 4 December, 2001, 06:13 GMT More gloom for Japan news.bbc.co.uk Rising unemployment has dented consumer confidence Moody's became the latest rating agency to downgrade Japan's debt as fears are growing that it has little chance of escaping a fourth recession in the decade. There will be no growth without reform Heizo Takenaka Economy Minister Moody's said that there was little hope of a quick turnaround in Japan's fortunes whatever the policies adopted by the government. "Neither current macroeconomic policies nor new reform initiatives offer much tangible hope for an early turnaround in economic performance," the US-based agency said. It has downgraded Japan's domestic government bonds, although leaving international bonds unchanged. Japan has the world's largest government debt, and Moody's said that "fiscal strains were likely to persist owing to the country's ongoing economic weakness and the elusiveness of effective policy measures."