Arab News Japan

TOKYO: Japan’s Ministry of Finance announced on Monday that the national debt, consisting of government bonds, borrowings, and short-term government securities, had reached a record high of 1,317.6365 trillion yen.

Chief Cabinet Secretary HAYASHI Yoshimasa stated: “Japan’s finances are in a difficult position, with the debt-to-GDP ratio at the worst level in the world.”

“We need to continue to implement policies that focus on raising the growth rate while continuing to reform both expenditures and revenues and aiming for fiscal soundness.”

With debts continuing to pile up, Hayashi predicted that the national debt balance would increase further by the end of next fiscal year.

“We need to have a discussion that takes into account the current severe fiscal situation,” he said.