• Kyodo News

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The government aims to cut its new bond issuance for the next fiscal year in response to growing sensitivity in financial markets toward sovereign debt risks as a result of the Greek crisis, Finance Minister Naoto Kan said Tuesday.

Japan is issuing ¥44.3 trillion worth of government bonds for the current fiscal year through next March.

“Sovereign risks are attracting growing attention” due to the Greek crisis, Kan said, suggesting the government will accelerate its efforts to impose fiscal discipline.

The outstanding balance of Japan’s debt hit a record high ¥882.92 trillion at the end of fiscal 2009, which ended March 31, the Finance Ministry said Monday.

The gross public-sector debt is heading to somewhere near 200 percent of gross domestic product in 2010, by far the worst among major industrialized economies.

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