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Japan’s national debt climbs to a dizzying ¥1,049.37 trillion

Kyodo

Central government debt stood at ¥1,049.37 trillion — or just over 1 quadrillion — at the end of March, up ¥4.78 trillion from three months earlier, the Finance Ministry said Tuesday.

The growing debt reflects a lack of financial resources amid ballooning social security costs in rapidly aging Japan.

According to the ministry, the latest total consisted of ¥910.81 trillion in government bonds, ¥54.81 trillion in borrowing, mainly from financial institutions, and ¥83.75 trillion in financing bills or short-term government notes of up to one year.

As of March 31, per capita debt, or the amount owed per person, stood at around ¥8.26 million, given a population of about 126.98 million — an estimate as of April 1.

The total debt was more than double the country’s nominal gross domestic product in 2015 of ¥499.1 trillion.

Japan’s fiscal health is the worst among major developed economies.

The government releases fiscal data every three months, which is compiled according to International Monetary Fund standards.