S&P Cuts Japan's Rating: Yen Plunges

Balooning deficits do eventually have consequences. Standards & Poors has cut Japans's rating. As a result, the Yen has had  a mini plunge overnight. The Bank of Japan must be very happy however, as this is what they have wanted for  along time, a lower Yen)

S&P downgraded Japan's long-term sovereign debt from AA to AA minus, citing precisely "the country's ballooning deficit", which "will further reduce Tokyo's already restricted fiscal flexibility".

24-hour charts (trades 24h/day), courtesy of INO's marketclub.(click for trial). This is USD versus Yen (i.e, the USD jumps):

The Yen ETF is FXY. This will be very interesting in the next couple of days.