Japan's long-term debt exceeds 1 quadrillion yen for first time

May 10, 2022: The Japanese government's long-term debt topped 1 quadrillion yen ($7.67 trillion) for the first time in the fiscal year ended in March, the Ministry of Finance said on Tuesday, highlighting the pain of the industrial world's heaviest public debt.

Outstanding long-term debt reached 1,017.1 trillion yen, rising for the 18th year in a row.

Including Treasury bills and other borrowings, Japan's national government debt amounted to 1,241.3 trillion yen, more than twice the size of its $5 trillion economy.

The national government debt rose by 24.8 trillion yen from a year earlier, hitting a record for the sixth straight year.

Japan aims to achieve a primary budget surplus, excluding new bond sales and debt servicing costs, by the March 2026 fiscal year-end, but that is seen as an elusive target due to the rounds of heavy spending to fund the cost of coping with the COVID-19 pandemic.

($1 = 130.3600 yen)

Reuters