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.
The long-term debt balance, which excludes some types of bonds, increased ¥44 trillion from the previous year. The expansion of debt put the world's third-largest economy further away from restoring its fiscal health, already the worst among major economies.