S&P affirms Japan at "A+/A-1"; outlook stable

S&P's affirmation of Japan's 'A+' long-term credit rating, accompanied by a stable outlook, suggests that they view Japan's recent fiscal improvements as positive, although rising spending may lead to a wider fiscal deficit if growth falters.

Newsquawk StaffPublished 30 Mar 2026, 05:53 UTCOn the live feed at 05:33 UTC — 1 more headline followed before this page went public

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S&P says:

Strong revenue growth over the past three years has improved Japan's fiscal position faster than we had expected and will continue to slow debt accumulation, in our view.
However, we believe the fiscal deficit could widen over the next two years due to higher spending on investments and economic support measures, particularly if growth weakens more than anticipated.
We affirmed our 'A+' long-term and 'A-1' short-term foreign currency and local currency sovereign credit ratings on Japan.
The stable outlook on the long-term ratings reflects our view that nominal GDP and revenue growth will remain resilient despite rising risks from geopolitical developments.

Context

The stable outlook indicates confidence in Japan's economic resilience, which could influence investor sentiment and impact related assets, particularly in the fixed income and FX markets.

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