Japan Data

Japan’s National Debt Hits ¥1.3 Quadrillion Due to Soaring Pandemic Prices

Economy Politics

Japan’s population is shrinking, but its national debt continues to rise.

As of March 31, 2023, Japan’s national debt, which is the sum of the outstanding balance of government bonds, loans, and financing bills, reached a new record high at ¥1,270 trillion. Compared to March 2022, there was an increase of ¥29.2 trillion, mainly due to fiscal stimulus measures implemented in response to the COVID-19 pandemic and inflation-driven price rises. This is the seventh consecutive year that debt has risen to its highest level yet.

A calculation based on the estimated Japanese population of 122 million (as of November 1, 2022) shows that per-capita debt for all citizens, from newborn babies to centenarians, was more than ¥10.4 million. Last year marked the first time per-capita debt exceeded ¥10 million and it has now increased further.

The main increase in debt was due to a year-on-year rise in the issuance of government bonds, which account for the bulk of the debt, by ¥31.7 trillion to ¥1,136 trillion. Japan’s outstanding balance of general bonds that needs to be repaid through taxes also rose to ¥1,028 trillion.

Japan’s National Debt

(Translated from Japanese. Banner photo © Pixta.)

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