Japan Govt Debt Climbs to Record 1,286 T. Yen
Tokyo, Feb. 9 (Jiji Press)--The outstanding balance of Japanese government debt reached a record high of 1,286,452 billion yen as of the end of 2023, the Finance Ministry said Friday.
The combined balance of Japanese government bonds, borrowings and financing bills grew by 10,840.4 billion yen from the end of September last year.
The government continues to rely on debt for its fiscal management, as it is unable to cover rising social security costs, caused by societal aging, with tax revenues.
Despite a decrease in the balance of financing bills and Fiscal Investment and Loan Program bonds, used to finance loans to government-affiliated financial institutions, the balance of ordinary JGBs grew by 16,365.7 billion yen to 1,043,778.6 billion yen.
The government's draft budget bill for fiscal 2024 calls for issuing 35,449 billion yen in new bonds, equivalent to over 30 pct of revenue.
[Copyright The Jiji Press, Ltd.]