Extremes characterize Japan's credit profile: a strong external position abreast a weak fiscal one. We are affirming our sovereign credit ratings on Japan at 'A+/A-1'. The outlook on the long-term rating remains stable. On April 20, 2016, Standard&Poor's Ratings Services affirmed its 'A+/A-1' foreign and local currency unsolicited sovereign credit ratings on Japan. The outlook on the long-term ratings remains stable. Our transfer and convertibility (T&C) assessment remains 'AA+'. Our ratings on Japan balance the country's strong external position, prosperous and diversified economy, political stability, and stable financial system against very weak public finances, which are exacerbated by the country's aging population and persistent low or negative inflation. Japan is a relatively high-income economy. We estimate per capita
