The balance of long-term Japanese government debt surpassed ¥1 quadrillion ($7.7 trillion) for the first time in fiscal 2021, which ended in March, to reach its highest-ever level, the Finance Ministry said Tuesday.
The debt grew to ¥1.02 quadrillion, breaking records for the 18th consecutive year, on the back of swelling social security costs amid a rapid graying of the population and emergency spending in response to the coronavirus pandemic.
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