Moody's Investors Service Inc. said Wednesday it will review for possible downgrade the Aa3 rating of yen-denominated domestic securities issued or guaranteed by the Japanese government.

The U.S. credit-rating agency said the range of possible outcomes of the review consists of confirming the Aa3 rating or lowering it by one or two notches.

But Japan's Aa1 foreign currency debt rating and Aa1 rating for internationally issued bonds will be unaffected by the action and have stable outlooks, Moody's said.