Yen coming under fresh pressure after Standard & Poor's said it may downgrade Japan's AA+ rating by two notches. -- This is not the first time S&P has intimated at such a cut and the fact the agency keeps warning of it suggests to analysts that it is becoming a real possibility. -- Sentiment was already fragile after Fitch downgraded its rating for Japan by one notch to AA from AA-plus, and Moody's is expecting to downgrade as well before year-end. -- Dollar hops up to 124.29 yen from 124.06 before the S&P comment hit dealing screens, and threatening Friday's highs around 124.48. -- Euro also firms to 109.20 yen from 109.00, but eases on the dollar to $0.8788 from $0.8798.