The statistic shows the national debt of Japan from 2019 to 2021, with projections up until 2029. The amount of Japan's national debt in 2022 amounted to about 9.16 trillion U.S. dollar. In a ranking of debt to GDP per country, Japan is thus currently ranked first.

Japan's economic power

With one of the largest gross domestic products (GDP), Japan is among the largest economies in the world. However, ever since the global financial crisis, Japan's GDP - like many others - has been slightly unstable; Japan even reported a negative GDP growth in comparison to the previous year in 2011 and in 2014. Still, it is estimated that gross domestic product in Japan will continue to thrive over the next decade. One indicator is Japan's inflation rate: Despite the aforementioned economic slumps, Japan has managed to maintain one of the lowest inflation rates in the world, and it also reduced its unemployment rate. Between 2010 and 2013, the unemployment rate in Japan decreased by approximately one percent, and it is expected to drop even lower over the next years.

Recently, Japan has been reporting a trade deficit, meaning the value of its imports exceeds the value of its exports. Most of these imports have come from China and the United States. The trade deficit is one of the causes for in an increase of the national debt. It is estimated that the national debt in relation to the GDP will increase further until 2020.

Key information about Japan Government Debt: % of GDP

• Japan Government debt accounted for 216.2 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 217.2 % in the previous quarter.
• Japan government debt to GDP ratio data is updated quarterly, available from Dec 1994 to Dec 2024.
• The data reached an all-time high of 225.8 % in Mar 2021 and a record low of 55.9 % in Dec 1994.

CEIC calculates quarterly Government Debt as % of Nominal GDP from monthly Government Debt and rolling sum of quarterly Nominal GDP. The Bank of Japan provides Government Debt in local currency. The Economic and Social Research Institute provides Nominal GDP in local currency. Government Debt covers Central Government only.


Related information about Japan Government Debt: % of GDP

• In the latest reports, Japan National Government Debt reached 9,396.6 USD bn in Apr 2023.
• The country's Nominal GDP reached 1,080.1 USD bn in Mar 2023.

As of the end of 2022, debt per adult in Japan amounted to approximately 27.3 thousand U.S. dollars. This represented a decrease from 30.8 thousand dollars per capita in the previous year.

The statistic shows Japan's national debt from 2019 to 2022 in relation to gross domestic product (GDP), with projections up until 2029. In 2022, the national debt of Japan amounted to about 256.3 percent of the gross domestic product. An eye on Japan’s national debt Japan’s national debt ranks first among countries with the highest debt levels in the world, far surpassing the debt levels of Greece - which ranks number two - whose financial crisis has been in the spotlight recently. Italy is third, followed by Jamaica, Lebanon and Enritrea. Currently, Japan’s national debt amounts more than a thousand trillion yen and the country’s debt is predicted to keep rising for the foreseeable future, albeit only slightly. Japan’s national debt is not without consequence for the global economy, because the country claims the fourth-largest share in global gross domestic product. Therefore, the effects on the global economy would and could have a much greater global impact than that of a country such as Greece - considering its share of the global economy adjusted for purchase power parity was less than 0.29 percent in 2011. The debt levels of China, the United States and India should also be watched closely as they together make up the largest share of global GDP. At the moment, Japan’s inflation rate is among the lowest in the world, but as Japan attempts to reduce its national debt, this could change.

Key information about Japan Private Debt: % of Nominal GDP

• Japan Private Debt accounted for 121.83 % of its Nominal GDP in Sep 2024, compared with a ratio of 122.88 % in the previous quarter
• Japan Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 2001 to Sep 2024, with an average share of 101.31 %
• The data reached an all-time high of 123.64 % in Mar 2024 and a record low of 90.76 % in Sep 2004

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. The International Monetary Fund provides Private Debt in local currency. Economic and Social Research Institute provides Nominal GDP in local currency.

Graph and download economic data for General government gross debt for Japan (GGGDTAJPA188N) from 1980 to 2022 about Japan, gross, debt, and government.

Key information about Japan Debt Service Ratio: Households

• Japan Debt Service Ratio: Households was reported at 7.700 % in Sep 2024
• This records a decrease from the previous number of 7.800 % for Jun 2024
• Japan Debt Service Ratio: Households data is updated quarterly, averaging 7.500 % from Mar 1999 to Sep 2024, with 103 observations
• The data reached an all-time high of 9.000 % in Mar 2002 and a record low of 7.000 % in Jun 2017
• Japan Debt Service Ratio: Households data remains active status in CEIC and is reported by Bank for International Settlements
• The data is categorized under World Trend Plus’s Association: Banking Sector – Table RC.BIS.DSR: G2 Households (HH) and Non-Profit Institution Serving Households (NPISHs): Quarterly

Graph and download economic data for Amount Outstanding of Total Debt Securities in General Government Sector, All Maturities, Residence of Issuer in Japan (TDSAMRIAOGGJP) from Q4 1997 to Q4 2022 about sector, Japan, maturity, debt, residents, securities, and government.

In the fiscal year 2022, Japan issued government bonds (JGBs) worth 212.3 trillion Japanese yen. The issuance amount for fiscal year 2023 was planned to reach 206.1 trillion yen, according to the second supplementary budget. Japanese government bonds are debt securities issued to finance government spending.

Japan debt to gdp ratio for 2022 was 216.21%, a 0.12% decline from 2021.

• Japan debt to gdp ratio for 2021 was 216.33%, a 0.57% increase from 2020.
• Japan debt to gdp ratio for 2020 was 215.76%, a 17.75% increase from 2019.
• Japan debt to gdp ratio for 2019 was 198.01%, a 0.67% increase from 2018.

Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

Key information about Japan External Debt

• Japan External Debt reached 4,312.4 USD bn in Dec 2024, compared with 4,631.6 USD bn in the previous quarter.
• Japan External Debt: USD mn data is updated quarterly, available from Mar 2003 to Dec 2024.
• The data reached an all-time high of 4,844.1 USD bn in Dec 2020 and a record low of 1,223.9 USD bn in Mar 2003.

CEIC converts quarterly External Debt into USD. The Bank of Japan provides External Debt in local currency based on BPM6. The Federal Reserve Board period end market exchange rate is used for currency conversions. External Debt prior to Q1 2014 is based on BPM5.


Related information about Japan External Debt

• In the latest reports of Japan, Current Account recorded a surplus of 14.2 USD bn in Apr 2023.
• Foreign Direct Investment (FDI) fell by 167.1 USD mn in Jan 2025.
• Japan Direct Investment Abroad expanded by 8.3 USD bn in Jan 2025.
• Its Foreign Portfolio Investment increased by 4.8 USD bn in Dec 2024.
• The country's Nominal GDP was reported at 1,080.1 USD bn in Mar 2023.

Private Debt to GDP in Japan increased to 245.70 percent in 2022 from 242.40 percent in 2021. Japan Private Debt to GDP - values, historical data, forecasts and news - updated on March of 2025.

In the fiscal year 2022, the outstanding Japanese government bonds (JGBs) amounted to 1,127.9 trillion Japanese yen. The outstanding amount of JGBs was forecast to increase to 1,172.2 trillion yen in fiscal 2023, according to the second supplementary budget. Japanese government bonds are debt securities issued to finance government spending.

As of December 2024, Japan held United States treasury securities totaling about 1.06 trillion U.S. dollars. Foreign holders of United States treasury debt According to the Federal Reserve and U.S. Department of the Treasury, foreign countries held a total of 8.5 trillion U.S. dollars in U.S. treasury securities as of December 2024. Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 759 billion U.S. dollars in U.S. securities. The U.S. public debt In 2023, the United States had a total public national debt of 33.2 trillion U.S. dollars, an amount that has been rising steadily, particularly since 2008. In 2023, the total interest expense on debt held by the public of the United States reached 678 billion U.S. dollars, while 197 billion U.S. dollars in interest expense were intra governmental debt holdings. Total outlays of the U.S. government were 6.1 trillion U.S. dollars in 2023. By 2029, spending is projected to reach 8.3 trillion U.S. dollars.

Graph and download economic data for Amount Outstanding of International Debt Securities for Issuers in Non-Financial Corporations (Corporate Issuers), All Maturities, Residence of Issuer in Japan (IDSNFAMRIAOJP) from Q1 1971 to Q4 2024 about nonfinancial, Japan, maturity, debt, residents, securities, and corporate.

Japan JP: General Government: Net Financial Liabilities data was reported at 723,386.700 JPY bn in 2026. This records an increase from the previous number of 711,871.779 JPY bn for 2025. Japan JP: General Government: Net Financial Liabilities data is updated yearly, averaging 182,447.425 JPY bn from Dec 1970 (Median) to 2026, with 57 observations. The data reached an all-time high of 723,386.700 JPY bn in 2026 and a record low of -12,350.181 JPY bn in 1974. Japan JP: General Government: Net Financial Liabilities data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Japan – Table JP.OECD.EO: Government Accounts: General Government: Forecast: OECD Member: Annual. GNFL-General government net financial liabilities Consolidated, current prices, domestic currency; Japan publishes only non-consolidated SNA debt. For international comparability reasons, OECD adjusts the gross financial liabilities by excluding four items: 1) the amount of treasury discount bills held as assets by the general government units, 2) the amount of central government securities and FILP bonds held as assets by general government entities (excluding FILP bonds detained by the Government Pension Investment Fund), 3) the amount of local government securities held as assets by general government entities, and 4) the amount of equities listed on the liability side of the accounts. The rationale for the first three adjustments is to avoid using fictitiously inflated gross liabilities due to cross-holding. It is akin to a simplified consolidation of these accounts. The fourth adjustment aims at excluding capital issued by some local public institutions, e.g. water and sewage companies, as part of this equity is detained by government units and, for the rest, as equity is, by definition, not a real liability for these entities. As regards net financial liabilities, it is simply equal to total gross liabilities minus total gross assets. For Japan, both gross and net financial liabilities include the debt of the Japan Railway Settlement Corporation and the National Forest Special Account from 1998 onwards and the debt of the Japan Highway Corporation from 2005 on.

Japan 10Y Bond Yield was 1.59 percent on Thursday March 27, according to over-the-counter interbank yield quotes for this government bond maturity. Japan 10 Year Government Bond Yield - values, historical data, forecasts and news - updated on March of 2025.

Graph and download economic data for Amount Outstanding Due within One Year of International Debt Securities for General Government Sector, Residence of Issuer in Japan (IDS1YMAORIGGJP) from Q1 1971 to Q4 2024 about 1-year, sector, Japan, debt, residents, securities, and government.

Japan recorded a Government Budget deficit equal to 6.40 percent of the country's Gross Domestic Product in 2022. This dataset provides - Japan Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Of the G7 countries, Japan had the highest net debt in terms of share of gross domestic product (GDP) between 2010 and 2024. That year, Japan's government's net debt reached an estimated 156 percent of its total GDP. Italy had the second highest debt rate at 127 percent of its GDP, whereas Canada had the lowest at only 14 percent.