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Japan government debt hits record high
November 8, 2013, 10:19 am

[Xinhua]

The country’s debt is now more than twice the nation’s nominal GDP last year of about $4.84 trillion [Xinhua]

Japan’s central government debt hit a record of 1,011.2 trillion yen (about $10.30 trillion) at the end of September, according to the country’s Finance Ministry.

The announcement suggests Japan is now the most indebted country among advanced economies.

The country’s debt is now more than twice the nation’s nominal GDP last year of about $4.84 trillion.

Japan’s Finance Ministry also said the debt is expected to reach 1,107.1 trillion yen ($11.28 trillion) by the end of the current fiscal year, according to local media.

The debt consisted of $8.55 trillion in government bonds, $556.26 billion in borrowing mainly from financial institutions, and $1.19 trillion in financing bills, said Japan’s Kyodo News.

Friday’s figure exceeds a previous record of 1,008.6 trillion yen (about $10.28 trillion) set at the end of the second quarter of this year.

The government releases fiscal data every three months compiled according to International Monetary Fund standards.

Source: Agencies

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