Moody's downgrade tripping up Abe

Tokyo

RATING agency Moody's decision on Monday to downgrade its credit rating on Japanese sovereign bonds over concerns about the country's ability to regain fiscal health comes at a bad time for Prime Minister Shinzo Abe, who is defending Abenomics ahead of a snap election.

Deputy Chief Cabinet Secretary Hiroshige Seko, sensitive to the potentially damaging impact on the government's image, promised on Tuesday that Mr Abe would present a fiscal consolidation plan by next summer and try to achieve a primary budget balance by 2020.