Look What Happened The Last 10 Times Japan Got A Ratings Downgrade

Surprised that the market reacted with such ennui to S&P’s downgrade of Japan this week?

Don’t be.

From Nomura, here’s a look at the yield action the last 10 times the country was downgraded. Only twice were yields higher 20 days later, and only once were they significantly so.

Japan downgrade yields

Photo: Nomura

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