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Economy

S&P downgrades Japan ratings

TOKYO -- Standard & Poor's lowered Japan's credit ratings Wednesday, citing a lack of confidence in Prime Minister Shinzo Abe's economic policies.

     "We believe the likelihood of an economic recovery in Japan strong enough to restore economic support for sovereign creditworthiness commensurate with our previous assessment has diminished," the U.S.-based ratings agency said. "Despite showing initial promise, we believe that the government's economic revival strategy -- dubbed Abenomics -- will not be able to reverse this deterioration in the next two to three years."

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