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I think that means he has met all the requirements for the GM title, which include a rating of 2500+ and 3 GM norms (tournament performances where your performance rating exceeds a certain threshold, I believe either 2500 or 2600). Once you're GM elect you need to wait for the FIDE committee (I forget the exact name of the committee) that occurs every few months where they'll officially give you the title.

I don't doubt this kid is a real GM, I just think the Japanese genetics are overcompensating big time.