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 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.