Japan’s public debt hits record high $8.6tr
Japan ended 2023 with a record high debt of 1,286.4 trillion Yen (about $8.6 trillion), according to government data, TASS reports
Compared to December 2022, the public debt grew by 29.4 trillion Yen (around $196.7bn).
The Japanese government presented a draft budget for the next fiscal year, which begins on April 1st, 2024, envisaging the allocation of about 27.1 trillion Yen ($190bn) to service public debt, including interest payments – the highest figure in history.
Tax revenue is also expected to reach a record high of 69.61 trillion Yen (approximately $488bn). Taking into account other sources of income, Japan’s budget will have a deficit of 34.95 trillion Yen ($245bn) – to be filled by issuing government bonds for the specified amount. Over the past three years, this figure has been declining, but Japan’s budget dependence on debt remains around 30 percent.
Japan’s public debt is now almost twice its GDP.
