TOKYO: The central government’s debt hit a record high of ¥1.057 quadrillion at the end of June, up by some ¥3.87 trillion from the end of March, according to the Finance Ministry.
The national debts, or the combined balance of outstanding Japanese government bonds, financing bills to cover temporary funding shortfalls and borrowings, increased due to rising social security costs, including on medical care and pensions, amid the aging of society.
The latest figure means that the government owed ¥8.32 million per person based on the nation’s estimated population of 126.95 million as of July 1.
Of the total, general government bonds accounted for ¥784.1 trillion, up by ¥10 trillion from the end of March. Meanwhile, the balance of financing bills decreased by ¥1.76 trillion to ¥115.13 trillion thanks to higher tax revenue.
Bonds issued under the zaito fiscal investment and loan program to raise funds for government-affiliated institutions fell by ¥3.14 trillion to ¥95.85 trillion. The total government debts are expected to grow to ¥1.167 quadrillion in March 2016, the end of fiscal 2015.
The balance of long-term debts, or the total debts minus zaito bonds and short-term debts including financing bills, stood at ¥810.2 trillion at the end of June.
The debts are estimated to increase to around ¥837 trillion at the end of fiscal 2015. The combined balance of long-term debts at the central and local governments is seen reaching some ¥1.035 quadrillion.
