A Quick Reminder Of The Ratings Agencies’ Embarrassing Record Of Downgrades

S&P just downgraded the outlook of US debt, saying there’s a one in three chance of an actual downgrade in the next couple of years.

So what’s the prospect for Japan having gotten it right?

Japan has been downgraded — not just its outlook, but its actual rating — 10 times since 1998.

Here’s a look at what Japanese yields have done since then.