TOKYO -- Seven financial institutions holding large amounts of Japanese government bonds have been downgraded by Moody's Investors Service, a day after the country's sovereign bond rating was lowered.
Five commercial banks, including Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp., were dropped a notch to A1, along with two life insurers -- Nippon Life Insurance and Sony Life Insurance. The ratings of two government-affiliated financial institutions were cut as well.
