Standard & Poor's cut Japan's credit rating

Standard & Poor's has cut the sovereign credit rating of Japan by one notch - from AA-minus to A plus. Moreover, the prospect of the country was changed from stable to negative, which does not exclude further downgrade.

Current rating level is still not a bad degree, but S&P marks the weak outlook for economic growth and inflation for the next few years.

The probability of Japan’s economic recovery and becoming strong enough to support the assessment of the creditworthiness of the country to its previous level has decreased. 

In 2011-2014, the average GDP per capita in Japan fell to $ 36,000 from nearly $ 47,000.

“We believe that the government’s economic revival strategy-- dubbed "Abenomics" -- will not be able to reverse this deterioration in the next two to three years,” S&P said in a statement.“Economic support for Japan’s sovereign creditworthiness has continued to weaken.”

Now Japan is rated lower than its key economic rivals – China and South Korea.