TOKYO – Japan Today
Japan’s government debt stood at 1,114.54 trillion yen ($10.5 trillion) at the end of fiscal 2019, the Finance Ministry said, hitting a record high for the fourth year in a row and underscoring the country’s poor fiscal health.
The figure in March rose 11.19 trillion yen from a year earlier as social security costs surged in line with a growing number of elderly. Debt per capita came to 8.85 million yen, based on an estimated population of 125.96 million.
The Bank of Japan’s ultraeasy monetary policy has made it easier for the government to take on debt, with the central bank last month removing its cap on bond purchases to cushion the economic impact of the coronavirus pandemic.
But this has also put the government further away from restoring its fiscal health, which remains the worst among advanced economies with debt twice the size of gross domestic product.
The total debt consisted of 987.59 trillion yen in bonds, 52.53 trillion yen in loans from financial institutions, and 74.42 trillion yen in financing bills or short-term notes of up to one year, according to the ministry.