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Ratings agency Standard & Poor's warns that it might cut Japan's sovereign grade. That's due to Japan's ruling party's mauling in last weekend's election. The poor outcome poses new hurdles for Prime Minister Naoto Kan's plans to cut huge public debt.
Noting the new political hurdles to fiscal reform, Standard & Poor's warns it might cut Japan's sovereign ratings if its fiscal position erodes further or steps are not taken to curb debt.