BREAKING NEWS

BREAKING NEWS

Japan's debt hits a huge number

Now Reading:

Japan's debt hits a huge number

Text size Aa Aa

Here’s a number to ponder- one quadrillion.

That is the amount in yen that Japan’s national debt has now reached.

It is the equivalent of 7.8 trillion euros – bigger than the economies of Germany, France and Britain combined.

Japan’s borrowings are the equivalent of 245 percent of its annual gross domestic product.

Most of the debt is held by Japanese.

The International Monetary Fund is urging Tokyo to reduce that by slashing public spending.

The government is also considering a sales-tax increase to reduce the amount it owes.