- Japan nuclear situation “big wild card” for economic, fiscal costs
- Japan’s 2nd, 3rd extra budgets for reconstruction won’t necessarily be credit negative
- Market confidence in JGBs could be shaken if govt cannot articulate fiscal consolidation plan
China
- China policy tightening supports positive rating outlook, needs to be in place for extended period
- Expect China to retain high growth rate medium-term avoid hard landing
Korea
- South Korea’s short-term debt not at threatening level yet, not affecting stable credit outlook
Vietnam
- Vietnam’s tightening needs to be in place for long period of time
- Authorities need to accept slightly slower growth for economic stability