Japan’s finance ministry released data Friday showing that the country’s debt burden has topped 1 quadrillion yen for the first time.
Yes, more than 1 quadrillion. If you want to get specific, Japan’s central government debt at the end of June was 1,008,628,100,000,000 yen.
Here’s another way to write that: 1,008.6 trillion yen. In U.S. dollars, it’s $10.5 trillion.
While one quadrillion is largely a symbolic level, the eye-popping number underscores a real challenge for Japan, which has more debt as a percentage of GDP than any other developed nation.
Tokyo has now issued 830 trillion yen in government bonds, and the country’s revenue collection has never kept pace. Japan’s gross public debt is projected to hit 230% of GDP by 2014 after years of sustained deficits.
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