Amazing quote in today’s Nikkei [sub]:
“Shares in Toyota Motor Corp. gained further ground Tuesday afternoon, after Moody’s Investors Service Inc. said during the lunch break it may downgrade Japan’s sovereign debt ratings.”
Welcome to the wicked world of global economics. The market is betting that the downgrade will make the yen cheaper (it did, you dollar buys a whole extra yen today), which in turn will give hard hit Japanese car exporters a little reprieve. They need it.
Now, U.S. auto industry, don’t get any ideas …