USD/JPY shoots up to around 90.20 from 89.60 after S&P cuts Japan sovereign 'AA' long-term outlook to negative from stable, but traders say JPY selling is knee-jerk and exaggerated by thin trading; USD/JPY likely doesn't have much more upside. Past Japan sovereign rating cuts haven't hurt JPY and other Japan assets for long, because majority of Japanese debt held by domestic investors who largely ignore rating agencies.
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