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Moody's downgrades Japanese banks groaning with government bonds

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.

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