Friday, August 9, 2013

Japanese Government Debt Passes One Quadrillion (1,000,000,000,000,000) Yen for the First Time, Says Ministry of Finance

1,008,628,100,000,000, to be exact, as of End of June 2013, but you may find it difficult to figure that out from the press release because the unit that Ministry of Finance of Japan uses in the English press release is "100 million yen".

1,008,628,100,000,000 yen is about 10 trillion US dollars now. (In November last year, it would have been more than 13 trillion US dollars, as yen was as high as 75 yen against dollar.)

In comparison, the US government debt is about $16 trillion, with the US GDP of about $15 trillion. Japan's GDP is $5.86 trillion.

There are many in Japan who say, "We owe it to ourselves. Not a problem."

Ministry of Finance press release, August 9, 2013:

(Click to enlarge.)


Anonymous said...

That would be about 10 times the yearly budget of the Japanese government.
If you go to a bank in Japan and ask to borrow 10 times your yearly income in order to buy real estate (i.e. you have a collateral) you will not be granted the loan, I think.


Anonymous said...

"There are many in Japan who say, "We owe it to ourselves. Not a problem.""

Question: Who will suffer the consequences when all of this debt goes unpaid (because it will be impossible to repay under the present monetary system)?

Answer: ALL of the JAPANESE PEOPLE as a whole. If a neutral person from an alien civilization came to study what the Japanese people allow their government to do with debt accumulation, they would be utterly amazed at the sheer insanity.

Anonymous said...

Another world first to be proud of.

Well, if I heard right, then they still have a long way to go if they want to overtake the American debt.

Anonymous said...

Anon at 10:54AM, Japan's debt in US dollars is already 10 trillion. US government debt is 16 trillion. Only 6 trillion dollars more to go. Go go Japan.

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