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Japan's national debt exceeded $ 10 trillion
Japan’s national debt at the end of the financial year 2013 (31 ended March 2014) reached a record 1025 trillion yen for the country ($ 10,08 trillion). This is reported by NHK with reference to the Ministry of Finance of the country.
According to the department, the national debt for the year increased by 33,4 trillion yen ($ 330 billion). According to the forecasts of the Japanese financial department, this amount will continue to grow and by the end of the 2014 fiscal year it can reach a mark of 1143,9 trillion yen (about $ 11,32 trillion).
Japan’s trade deficit hit a record high in the 2013 fiscal year.
The country's debt is more than double the size of its gross domestic product. This is the highest figure among the participating countries of the seven leading industrialized countries (Great Britain, Germany, Italy, Canada, USA, France, Japan).
Japan's national debt is relatively stable, its bonds are low yields. These papers are mainly owned by the Japanese themselves and Japanese companies, which reduces the risks. To reduce the growth rate of debt in the next year, the authorities decided to raise the consumer tax on sales transactions from 5 percent to 8, and next year - to 10 percent.