Japanese national debt rose to over 900 trillion yen, or currently around $10.5 trillion USD, Japan’s Ministry of Finance indicated in reports released on August 10th.
As of the end of June, 2010, accumulated national debt from government bonds and loans totaled approximately 904 trillion yen, having risen more than 21 trillion yen from the previous quarter, the Ministry of Finance stated.
Japanese news reports noted that based on a July 1st estimated national population of 127.42 million people, national debt now sits at about 7.1 million yen – $83,000 USD – per person. The total national debt is also around 1.9 times the country’s 2009 GDP.
According to Nikkei, Japan’s 2010 yearly expenditures are likely to hit 92.3 trillion yen, while tax revenues have been projected to reach only 37.4 trillion. This has led to predictions that the country's debt could soon peak one quadrillion yen
Public concern over the amount is growing. The issue played a central role in national elections in July as parties announced various proposals to combat the problem, such as through major consumption tax increases.
Despite the massive debt size, Japan has been able to fend off a crisis similar to that of Greece. This is due, in part, to 95 percent of Japanese government bond holders being Japanese investors, such as the Japan Post Bank Co. and other financial institutions, the Asahi reported. However, Japanese experts are questioning how long the current situation can hold out without drastic governmental changes.
Read more news from Japan by the Japan Headlines Examiner
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