Japan's National Debt Hits New High
Saturday, September 24, 2005 Posted: 08:45 PM JST
Japan's government debt ballooned to a record high of JPY 795.8 trillion (USD 7 trillion) at the end of June, according to a report released by the Japanese Finance Ministry. It was projected to be JPY 774 trillion for this fiscal year, so the national debt is growing faster than expected.
Japan has relied on government bond issues to make up for falling tax revenues. This has turned the nation into one of the world's most indebted countries. Japan's public debt burden is now almost 160 per cent of its GDP, which makes it the highest in the industrialized world.
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