• Kyodo

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The government’s debt stood at ¥1.0179 quadrillion at the end of December, breaking its previous record of ¥1.0112 quadrillion set just three months earlier, the Finance Ministry said Monday.

After spending three consecutive quarters above the ominous ¥1 quadrillion line, the ministry projected that it would reach ¥1.0387 quadrillion by March 31, the end of the fiscal 2013.

The Finance Ministry, which controls the government’s budget, thus urged the government to strive to restore the nation’s fiscal health, which is the worst in the developed world.

According to the quarterly survey, the total in December consisted of ¥849.1 trillion in government bonds, ¥55.2 trillion in borrowing mainly from financial institutions, and ¥113.6 trillion in financing bills, or short-term notes up to six months.

As of Dec. 31, per capita debt — or the amount per person — stood at about ¥8.00 million as of Jan. 1.

It is also more than twice as large as Japan’s nominal gross domestic product in 2012, which was about ¥475 trillion.

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

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