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In its latest credit rating review on Japan, S&P Global Ratings revised Japan’s outlook to stable on increased uncertainty around debt stabilization while reaffirming its ‘A+/A-1’ ratings.

Additional findings

“COVID-19 outbreak has set back Japan’s fiscal stabilization process; expect that to get back on track in the next 2 to 3 years as economy recovers. “

“Affirming our ‘A+’ long-term and ‘A-1’ short-term sovereign credit ratings on Japan.”

“Stable outlook reflects our view that, until fiscal 2023, relatively large fiscal deficits will continue in Japan.”

“Estimate Japan’s per capita GDP will be about US$40,300 or higher from 2020 onward.”

“Expect the fiscal deficit in Japan will remain relatively high in fiscals 2021-2023.”

USD/JPY sticks to lows sub-108.00

USD/JPY holds the lower ground around 107.85 amid a risk-off market environment, shedding 0.50% on a daily basis.

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