Japanese economic miracle: the national debt twice the countrys GDP, reaching $ 12.4 trillion

Japan's public debt at end-September reached a record 983 trillion yen / 12.4 trillion dollars /. It is mainly due to increased contingency for overcoming the effects of the devastating earthquake and tsunami in March last year, said today the Ministry of Finance.

The agency predicted that during the 2012 fiscal year, Japan's public debt will exceed 1,000 trillion yen. This amount represents the amount of outstanding government bonds, deferred payments on short-term accounts and loans from financial institutions.

The size of the public debt is already more than twice the gross domestic product of the country. She holds a sad championship for this indicator among the leading industrialized nations. The Japanese government regularly promises to curb even buildup of debt, but to perform such a task can not be due to failures in the reduction of an expense budget. This year, after a heated debate parliament approved a law on the gradual increase in the consumption tax, but it would not be enough to solve the debt problem.

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