Government debt up, sets new high

Kyodo

Government debt stood at a record ¥983.30 trillion at the end of September, due largely to spending on reconstruction following the March 2011 earthquake and tsunami, Finance Ministry data showed Friday.

The outstanding government debt gained 0.7 percent from three months earlier. The ministry expects the total amount to top ¥1 quadrillion during fiscal 2012, which will end in March.

The debt includes ¥803.74 trillion in government bonds, ¥125.37 trillion in bills to cover short-term funding needs and ¥54.19 trillion in borrowing from financial institutions.

Fiscal data are released every three months under rules set by the International Monetary Fund.