Standard & Poor's lowered Japan's sovereign credit rating, saying it doesn't expect Prime Minister Shinzo Abe's economic revival strategy to reverse the government's deteriorating finances within the next three years.

The credit rating agency lowered the long-term credit rating to A+ from AA- on Wednesday.

It said Japan is unlikely to experience an economic recovery strong enough to restore its sovereign credit rating to earlier levels.

Average income has declined to $36,000 from $47,000 between 2011 and 2014 which reflects the falling value of the yen versus the dollar and weak economic growth.

Japan's government debt is among the highest for developed countries. S&P said that weakness is balanced by Japan's political stability, relatively prosperous economy, stable financial system and net creditor status in relation to foreign countries.