The COVID-19 outbreak has set back Japan's fiscal stabilization process but we expect that to get back on track in the next one to two years as the economy recovers. We affirm our 'A+' long-term and 'A-1' short-term sovereign credit ratings on Japan. The positive outlook reflects our view that, within the next one to two years, Japan will return to a fiscal trajectory that stabilizes or improves its government debt level relative to GDP. On April 3, 2020, 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 remains positive. The positive outlook reflects our view that, within the next one to two years, Japan will return
