Society

Japanese government debt hits record Y1 quadrillion as leaders struggle to correct course on spending

May 11 (yahoo.com) - The Japanese government's long-term debt has hit a record Y1 quadrillion (approximately $7.6 trillion) for the first time ever.

Japan reached the debt landmark in fiscal year 2021, which ended in March, according to Japan's Ministry of Finance. Japan's debt currently sits at approximately 266% of its annual GDP, making a swift turnaround unlikely.

This is the eighteenth year in a row that the Japanese government's long-term debt has risen, and the sixth consecutive year of record-breaking debt totals.

The build up of debt is a symptom of the increased pressure on the Japanese social security system and expensive COVID-19 spending during the height of the pandemic, as well as aggressive banking policies in Japan.

Japan's economic troubles are compounded by an aging workforce and a stagnant job market. The country has had a difficult time creating quality jobs, and has relied on a supplement of foreign migrant labor for low-skill positions.

With one of the lowest birth rates in the world, the Japanese government has implemented a variety of high-value incentives for young couples to have children. Government benefits for parents include financial assistance checks for each individual child and generously subsidized education costs.

Source: ANNnewsCH

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