Japan national debt tops US$10 trillion

Business | 11 Feb 2019 10:12 am

Japan's national debt has reached a new high, despite government efforts to restore fiscal health.

The Finance Ministry says at the end of last year, government debt topped 1,100 trillion yen -- about US$10 trillion -- for the first time, NHK reports.

The figure translates to about US$79,000 for each resident of Japan.

The bulk of the debt comes from government bonds, issued to cover ballooning social insurance costs due to the graying population. Loans and short-term securities also make up part of the debt.

More bonds are set to be issued in the fiscal year beginning April. The government's budget bill calls for about US$296 billion in bond issuance, aimed at covering a revenue shortfall.

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