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Japan’s local currency debt rating was raised one level to A1 from A2 by Moody’s Investors Service, Moody’s said Thursday, citing confidence that the government will pursue debt-cutting measures.

The increase in the long-term rating to the fifth-highest investment grade was the first by Moody’s since it assigned Japan the top Aaa grade in 1993. Japan has ¥834.4 trillion in public debt, the equivalent of the economic output of Asia-Pacific’s next 16 largest economies combined.

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