LOOSE CHANGE

LOOSE CHANGE

Tokai Bank of Japan has suffered a unique double whammy. Only 48 hours after the Nagoya-based bank was bombed out of its London premises came news of a downgrading of its senior rating from A1 to A2 by Moody's Investor Services, the U.S. credit ratings agency. Tokai is in good company. Sumitomo Bank and Fuji Bank have also suffered a similar fate, with downgradings from Aa3 to A1. In the past year Moody's has revised the long-term debt ratings of 11 of the top 17 Japanese banks it lists.

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