Why Is Japan’s Government Debt So High? | St. Louis Fed

With a rapidly aging population and economic growth near zero, Japan has faced a persistent fiscal challenge: a large social security deficit.

By YiLi Chien , Ashley H. Stewart Japan’s government debt as a percentage of its gross domestic product (GDP) in 2023 was 195%, the highest share among major advanced economies.In this blog post, government debt refers to the total amount of government bonds issued by the central and local governments. The concept of public liability, on the other hand, encompasses not only debt but also other liability instruments, such as loans, held by a broader range of public institutions, including but not limited to social security funds and public financial institutions. As will become clear…

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