Fitch lowers credit outlook on Japan to negative on Covid-19 impact

Takenobu Tonegawa, 41, who owns a video production firm, cycles as he works his part-time job as Uber Eats delivery person amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan July 16, 2020. Picture taken July 16, 2020. REUTERS/Issei Kato

TOKYO: Rating agency Fitch on Wednesday revised its outlook on Japan's long-term foreign currency debt rating to negative from stable, citing the sharp Covid-19 coronavirus-induced domestic economic contraction.

"The coronavirus pandemic has caused a sharp economic contraction in Japan, despite the country's early success in containing the virus," Fitch said.