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Japan's Gov't Debt Tops Y900 Tril for 1st Time: MOF
Source: japantoday.com
Source Date: Wednesday, August 11, 2010
Focus: Knowledge Management in Government
Country: Japan
Created: Aug 16, 2010

The outstanding balance of Japans central government debt hit a record high of 904.08 trillion yen at the end of June amid massive government bond issuance and declining tax revenues, Finance Ministry data showed Tuesday. It is the first time that the debt balance, including government bonds and financing bills, has exceeded 900 trillion yen.

Per-capita debt came to around 7.10 million yen based on Japans estimated population of about 127.42 million as of July 1. The debt is equivalent to almost 1.9 times the nominal gross domestic product in fiscal 2009, which totaled 476 trillion yen.

Under its medium-term fiscal management plan through fiscal 2013 announced in June, the government is aiming to keep annual spending below 71 trillion yen, the same level planned for fiscal 2010, and government bond issuance below 44 trillion yen.

In its longer-term plan, the government will aim to bring the primary balance for both the central and local governments back into surplus by fiscal 2020 after halving the deficit by fiscal 2015.
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