Japan’s total debt swells to record 1,286.45 tril. yen in 2023
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Japan’s debt reached a record 1,286.45 trillion yen ($8.6 trillion) at the end of 2023, government data showed Friday, reflecting its heavy reliance on borrowing to meet spending needs to fight the COVID-19 pandemic and rising prices.
The debt, more than twice the size of the Japanese economy, increased 29.45 trillion yen from December 2022. The world’s third-largest economy continues to face an urgent need to restore its fiscal health, the worst among developed countries.
The debt includes government bonds, borrowing and financing bills.
Japan has seen growth in tax revenue in recent years, b...