Abe to present fiscal consolidation plan by next summer: Japan govt spokesman

TOKYO (Reuters) - A Japanese government spokesman said on Tuesday Prime Minister Shinzo Abe will present a specific fiscal consolidation plan by summer next year, after Moody's Investors Service downgraded the country due to a delay in tax hikes and concerns about growth.

The government will also continue to monitor the debt market and respond with appropriate measures if needed, Deputy Chief Cabinet Secretary Hiroshige Seko told reporters.

The government will work hard to achieve a primary budget deficit reduction target next fiscal year and remains committed to reducing the primary deficit in fiscal 2020, Seko said.

Moody's on Monday downgraded Japan's sovereign debt rating by one notch to A1, citing rising uncertainty over the country's ability to hit its debt-reduction goal.