Fitch Ratings has downgraded Japan's rating to 'A' from 'A+' on Monday. The outlook is stable.

The downgrade was driven by the lack of "sufficient structural fiscal measures" in the Japanese government's budget for the fiscal year ending March 31, 2016 (FY15) "to replace a deferred consumption tax increase".

Fitch placed Japan's rating on negative as the Japanese government had decided to delay the scheduled consumption tax rise.