S&P Cuts Japan's Credit Rating, Now Lower Than Korea

Global credit rating firm Standard & Poor's has downgraded Japan's sovereign rating by one-notch from AA- to A+.

The agency said Tokyo's strategy to boost the economy dubbed 'Abenomics' is unlikely to turn around Japan's sluggish economic prospects. Japan is struggling with a near-zero inflation rate and a shrinking GDP.

With the latest move, all three major global credit ratings agencies -- Moody's, Fitch and S&P -- have Korea's sovereign rating higher than Japan's.