Japan's Finance Minister Taro Aso has expressed grave concern over the impact a US government debt default could have on the global economy.

Aso was referring to what could happen if the US government fails to raise its debt ceiling by Thursday.

Aso, who is also Deputy Prime Minister, said it would be disastrous if a default caused US government bonds to lose their triple A credit rating.

He said Japan's government and financial institutions are heavily invested in US bonds.

Aso said such a default would not cause immediate financial problems for Japan. However, it would dampen the country's economic growth.

Aso said he believes US legislators share his sense of crisis and are aware that default could have global repercussions.

He expressed hope that they will take action before the deadline.

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This news was published on October 15, 2013.

Source: http://www3.nhk.or.jp/nhkworld/english/news/20131015_22.html