Japan's strong external position, prosperous and diversified economy, political stability, and stable financial system balance its very weak public finances. We are affirming our sovereign credit ratings on Japan at 'A+/A-1'. The outlook on the long-term rating remains stable. On Sept. 1, 2016, S&P Global Ratings 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 reflect our view that the country's strong external position, prosperous and diversified economy, political stability, and stable financial system balance its very weak public finances, which are exacerbated by an aging population and persistent low or negative inflation. Japan is a
