Moody's Investors Service dropped the senior-debt ratings on the three main divisions of Japan's Mizuho Financial Group from Aa2 to Aa3. The rating downgrades put additional pressure on Mizuho to go back to its investors for more capital. "If things continue to deteriorate, banks in Japan will have to go out into the public market and raise pure, straightforward, common equity," said Philip Whittome of Investec Asset Management in London.

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