Japan will return to economic growth in fiscal 2021 (ending March 31, 2022), and the general government deficit should also shrink from a year earlier. We affirmed our 'A+' long-term and 'A-1' short-term sovereign credit ratings on Japan. The stable outlook reflects our view that, until fiscal 2024, relatively large fiscal deficits will continue to keep upward pressure on the general government debt-to-GDP ratio. On April 21, 2021, S&P Global Ratings affirmed its 'A+' long-term and 'A-1' short-term unsolicited sovereign credit ratings on Japan. The outlook on the long-term rating is stable. The stable outlook reflects our expectations of steady trends in Japanese sovereign credit metrics on the back of a relatively gradual economic recovery. Over the next four years,
