• Kyodo

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Japan’s debt stood at a record-high ¥1.053 quadrillion ($8.78 trillion) at the end of March, the Finance Ministry said Friday, increasing pressure on the government to take further austerity measures.

The ministry also projected the debt would reach ¥1.167 quadrillion by the end of fiscal 2015 next March, reflecting the need to finance ballooning social security costs with state debt as the population rapidly grays.

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