Further falls in the sovereign’s risk score signal the possibility of a credit rating downgrade.

Two of the earliest victims of the sovereign debt crisis that hit Europe in 2009 are ahead of the pack again – but this time they are leading the way by re-establishing themselves as economic success stories. Euromoney Country Risk’s survey charts the risers and fallers.

The island state has returned to growth earlier than expected in spite of its trade and banking-sector exposures to Greece, after the banking crisis caused a severe macro-economic adjustment.

Far from stabilizing, the sovereign’s economic imbalances and political uncertainties are behind another round of downgrades.

Abenomics had been designed to rescue Japan from its awful deflationary torpor, but the economy is struggling again and its troubles could become a lot worse if China buckles.