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Japan’s National Debt Hits a Stunning ¥1.2 Quadrillion

Government Debt
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EDITOR NOTE: The Covid pandemic has posed severe economic challenges to just about every nation across the globe. Monetary easing and fiscal spending seemed the only solution for countries to pull their economies out of the clutches of a potential depression and onto the road to recovery. In Japan, government spending had brought its national debt to surpass the “quadrillion” mark--specifically ¥1.2 quadrillion, equivalent to $13,6 trillion, a little under half of our $28 trillion national debt. Is that even sustainable? If President Biden and Janet Yellen get their way in Congress, the amount of our national debt, not unlike Japan, will also skyrocket toward heights yet unseen. Again, this debt is a claim on all American’s future income, whether through taxation or through the “hidden tax” of money debasement. In the end, the financial economy may boom, but in exchange for a level of wealth you and your family may never see nor enjoy.

As of March 31, 2021, Japan’s national debt, which is the sum of the outstanding balance of government bonds, loans, and financing bills, stood at ¥1,216 trillion. In fiscal 2020, the government prepared three large supplementary budgets and issued a large amount of additional bonds in response to the pandemic, increasing the debt by ¥102 trillion compared to March 31, 2020, in the largest single-year increase ever.

Based on an estimated Japanese population of 123.2 million (as of November 1, 2020), per-capita debt for everyone from newborns to centenarians in Japan could be calculated as ¥9.9 million.

The issuance of government bonds, which account for the bulk of the debt, increased by ¥87 trillion to ¥1,074 trillion. In particular, short-term government bonds with a maturity of one year or less increased by around ¥49 trillion during that same period.

Debt is likely to continue to accumulate in the fiscal 2021 budget with ¥43.6 trillion in new bonds scheduled to be issued.

Japan’s National Debt

Original post from Nippon

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