Japan's national debt exceeds $9.5 trillion
Japan's national debt ranked first among countries with the highest debt levels in the world, surpassing even the US.
According to the latest data, Japan is the clear front-runner in terms of public debt growth. The figure is impressive. Japanese national debt has exceeded $9.5 trillion, about 234% of gross domestic product. For instance, in the US, this figure stands at 160%. In the UK, public debt amounted to 144% of GDP, while in the Eurozone it is equivalent to 120.4% of GDP. Japanese internal debt has also hit a new historic high, according to the Ministry of Finance of the country. According to the agency, the total public debt of Japan at the end of the fiscal year 2021 (March 31, 2022) reached 1,241.3 trillion yen (more than $9.5 trillion).
The coronavirus pandemic was the main catalyst for debt growth. Massive economic support measures have led to rising inflation in a number of states. However, even with such borrowing levels, large countries are unlikely to have problems with public debt service in the near future.