Japan national debt: One quadrillion yen, counting
AFPTOKYO -- Japan's eye-watering national debt has topped one quadrillion yen, official data showed Friday, a record figure that underlines Tokyo's struggle to curb its huge borrowing.
August 10, 2013, 12:08 am TWN
The figure supplied by the finance ministry of 1.008 quadrillion yen by the end of June amounts to about US$10.42 trillion at current exchange rates.
A quadrillion is 1 thousand trillion.
Tokyo has the dubious distinction of having, proportionately, the biggest debt pile among industrialized nations, more than twice the size of its economy.
The lion's share of that debt is from long- and short-term Japanese government bonds, as well as other borrowing.
The staggering figure, about 1.7 percent higher than the previous quarter, comes a day after Japan pledged to slash its budget and get spending under control.
Prime Minister Shinzo Abe's government is mulling whether to go ahead with a series of sales tax rises that would double the rate to 10 percent by 2015, a key source of new income but one that some fear would stall his economy-boosting plan dubbed “Abenomics”.