Quote Of The Day: Japan's Downgrade Raises All Ships

Bertel Schmitt
by Bertel Schmitt
quote of the day japan s downgrade raises all ships

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 …

Join the conversation
  • VanillaDude VanillaDude on May 31, 2011

    This is not a surprise. Japan has been economically ill for over a decade. The Tsunami set the country back again.

    • Acubra Acubra on May 31, 2011

      Actually, they never fully recovered from their 80's bubble bursting.

  • Oboylepr Oboylepr on May 31, 2011

    Enough of the japanese disaster pics already!