Standard & Poor's, a rating agency, on Wednesday revised its outlook on Japan's long-term credit rating from stable to negative based on fears the impact of the March earthquake could lead to a further deterioration of public finances.

The rating agency said its long-term sovereign credit rating for Japan remained at AA-. However, it noted costs related to the Tohoku earthquake, tsunami, and nuclear power plant disaster could see Japan's fiscal deficit rise by 3.7% of gross domestic product