Quotes from the news wire:
The fact that both the BOJ and the ECB suddenly showed additional easing stance after the markets' rout suggests policymakers in Japan and Europe share concerns and take actions, while that wouldn't be a complete solution to fall in oil prices and concerns about slowdown in China, it will ease excessive reactions in markets.
The market appears to be relieved for now after Greece asked for a loan extension. But Greece is not promising fiscal austerity and Germany has shown scepticism, the market is used to seeing this by now, but if a deal isn't reached today, the euro could face selling pressure and dollar/yen could also see the same as risk appetite will be hurt.
It can be said that the sales tax delay had gained the support of the international community as it was meant to help the economy amid a slowdown, and the downgrade is unlikely to change such views, as for Japanese government bonds (JGBs), which are more directly impacted by downgrades, any effect is likely to be temporary thanks to the Bank of Japan's quantitative easing. Past downgrades have also had little impact on JGBs.
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