Japan’s national debt to hit record high at 702 trillion yen for FY2022
Last Friday, on 25 January, the Ministry of Finance (MOF) released a balance sheet indicating the nation’s assets and liabilities as of FY2022. The country’s amount of national debt has witnessed a 15 trillion yen increase to 702 trillion yen (roughly 4.7 trillion dollars) within one year from the end of FY2021. This is the largest number ever recorded.
This increase was mainly due to the large number of new bonds issued by the government as part of a supplementary budget to counter soaring prices and support economic growth.
Japan’s assets at the end of FY2022 totaled 740,7 trillion yen, an increase of 16,8 trillion yen from the year prior. For FY2022, the government’s budget deficit was approximately 32 trillion yen.