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Japan's Debt Hits Record High of $8.6Bln in 2023 - Reports

© Peter ParksJapan's Prime Minister, then the Minister for Foreign Affairs, Fumio Kishida
Japan's Prime Minister, then the Minister for Foreign Affairs, Fumio Kishida - Sputnik International, 1920, 09.02.2024
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MOSCOW (Sputnik) - Japan ended 2023 with a record high debt of 1,286.45 trillion yen ($8.6 billion), the Kyodo news agency reported on Friday, citing government data.
The huge debt reportedly demonstrates that the country depends heavily on borrowing needed to cover expenses for the COVID-19 pandemic fight and rising prices. The total debt consists of government bonds, borrowing and financing bills.
Japan's Prime Minister Fumio Kishida (L) rides on a Japan Ground Self-Defense Force (JGSDF) Type 10 tank during a review at JGSDF Camp Asaka in Tokyo on November 27, 2021. - Sputnik International, 1920, 06.11.2023
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Japan has seen an increase in tax revenues in recent years. However, its spending has exceeded tax revenues, Kyodo reported.
The national debt reportedly grew by 29.45 trillion yen from December 2022. Currently, the debt is more than twice the size of Japan's economy.
A billboard displaying the U.S. national debt is displayed along the Las Vegas Strip, Wednesday, March 18, 2020 - Sputnik International, 1920, 25.08.2023
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The Japanese government is trying to return to pre-emergency levels by reducing fiscal expenditures. It was the pandemic and the ongoing cost of living crisis that triggered an increase in fiscal expenditures. However, the government budget will be the second largest ever at 112.57 trillion yen for fiscal 2024, which starts in April, Kyodo reported.

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