Thu, 24 Jun 2021

TOKYO, May 10 (Xinhua) -- The debt of the Japanese government increased 101.92 trillion yen (940 billion U.S. dollars) in fiscal year 2020 to reach a record of 1,216.46 trillion yen (1.12 trillion dollars), the Finance Ministry said Monday.

The figure showed the biggest annual increase following the fiscal measures in response to the COVID-19 pandemic.

The number logged a record high for the fifth consecutive year. The outstanding balance as of March 31 showed that debt per capita amounted to 9.70 million yen (89,000 dollars) on the basis of the estimated population of 125.41 million on April 1.

The increase of debt pushed the world's third-largest economy further away from fiscal restoration, with debt twice the size of the country's gross domestic product.

The previous record annual debt increase was 78.40 trillion yen (723.08 billion dollars) in fiscal 2004.

As the COVID-19 pandemic began to spread across Japan in spring last year, the government has since been implementing fiscal measures on a large scale to finance the economy and the medical system, enacting three extra budgets worth about 73 trillion yen (673.28 billion dollars) in total for fiscal 2020.

More Tokyo News

Access More

Sign up for The Tokyo News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!