December 3, 2014 / 2:52 AM / in 4 years

Japan government spokesman: Don't think Moody's cut will affect financial institutions

Japan's Prime Minister Shinzo Abe (C) addresses the Caribbean Community (Caricom)/Japan summit next to Caricom chairman and Prime Minister of Antigua and Barbuda Gaston Browne (R) and Japan's Deputy Chief Cabinet secretary Hiroshige Seko, in Port-of-Spain July 28, 2014. REUTERS/Andrea de Silva

TOKYO (Reuters) - A Japanese government spokesman said on Wednesday he does not think Moody’s Investors Service’s ratings downgrade of the nation’s sovereign debt and banks will affect financial institutions.

“I don’t think there is a problem at all in the soundness of Japanese financial institutions at the moment and I don’t think a ratings cut on sovereign debt will affect this soundness significantly, either,” Deputy Chief Cabinet Secretary Hiroshige Seko told a news conference.

Moody’s Investors Service on Monday downgraded Japan’s sovereign debt rating by one notch to A1, citing rising uncertainty over the country’s ability to hit its debt-reduction goal.

Reporting by Kaori Kaneko; Editing by Chris Gallagher

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