The government's liabilities exceeded its assets by as much as 776.5 trillion yen at the end of March 1999, according to the country's first-ever national balance sheet released Tuesday by the Finance Ministry.

The national balance sheet records the assets and liabilities held by the central government. Assets and liabilities held by local governments and special government corporations are not included.

The balance sheet consolidates the central government's general account budget with 38 special accounts.