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.

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.

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

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 Total Debt: % of GDP

• Japan Total Debt accounted for 1,279.3 % of the country's GDP in 2024, compared with the ratio of 1,275.9 % in the previous quarter.
• Japan Total Debt: % of GDP data is updated quarterly, available from Jun 1998 to Dec 2024.
• The data reached an all-time high of 1,339.7 % in Jun 2022 and a record low of 892.0 % in Jun 1998.

CEIC calculates quarterly Total Debt as % of Nominal GDP from quarterly Total Debt and quarterly Nominal GDP. Total Debt is calculated as Total Liabilities less Equity & Investment Fund Shares and Financial Derivatives for Financial Corporations, Non Financial Corporations, General Government, Households and NPISH sectors. The Bank of Japan provides Total Debt in local currency. Economic and Social Research Institute provides Nominal GDP in local currency.

Dług prywatny do PKB w Japonii wzrósł do 245,70 procent w 2022 roku z 242,40 procent w 2021 roku. Aktualne wartości, dane historyczne, prognozy, statystyki, wykresy i kalendarz ekonomiczny - Japonia - Prywatna długu do PKB.

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 Outstanding Domestic Public Debt Securities to GDP for Japan (DDDM04JPA156NWDB) from 1997 to 2020 about public, Japan, debt, securities, domestic, and GDP.

In 2024, net government debt in Japan accounted for 155.8 percent of the gross domestic product (GDP). The share reached a record high in 2020.

Key information about Japan Household Debt: % of GDP

• Japan household debt accounted for 65.1 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 65.1 % in the previous quarter.
• Japan household debt to GDP ratio is updated quarterly, available from Dec 1997 to Dec 2024.
• The data reached an all-time high of 78.7 % in Mar 2000 and a record low of 59.4 % in Dec 2015.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Household Debt is calculated as Total Household Liabilities less Financial Surplus or Deficit. The Bank of Japan provides Household Debt in local currency. Economic and Social Research Institute provides Nominal GDP in local currency.


Related information about Japan Household Debt: % of GDP

• In the latest reports, Japan Household Debt reached 2,739.5 USD bn in Sep 2024.
• Money Supply M2 in Japan increased 1.1 % YoY in Feb 2025.
• Japan Foreign Exchange Reserves was measured at 1,108.4 USD bn in Feb 2025.
• The Foreign Exchange Reserves equaled 16.2 Months of Import in Jan 2025.
• Japan Domestic Credit reached 11,754.7 USD bn in Dec 2024, representing an increased of 1.3 % YoY.
• The country's Non Performing Loans Ratio stood at 1.2 % in Sep 2024, compared with the ratio of 1.3 % in the previous half a year.

Households Debt in Japan decreased to 65.10 percent of GDP in the third quarter of 2024 from 65.60 percent of GDP in the second quarter of 2024. This dataset provides - Japan Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Japan JP: Gross Public Debt: % of GDP: Central Government: Short Term data was reported at 23.579 % in Sep 2024. This records a decrease from the previous number of 25.033 % for Jun 2024. Japan JP: Gross Public Debt: % of GDP: Central Government: Short Term data is updated quarterly, averaging 20.040 % from Dec 1997 (Median) to Sep 2024, with 108 observations. The data reached an all-time high of 35.060 % in Dec 2012 and a record low of 5.423 % in Sep 1998. Japan JP: Gross Public Debt: % of GDP: Central Government: Short Term data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.QPSD: Gross Public Debt: % of GDP: Central Government.

Japan JP: Gross Public Debt: % of GDP: General Government: Insurance, Pensions and Standardized Guarantee Schemes data was reported at 0.000 % in Sep 2024. This stayed constant from the previous number of 0.000 % for Jun 2024. Japan JP: Gross Public Debt: % of GDP: General Government: Insurance, Pensions and Standardized Guarantee Schemes data is updated quarterly, averaging 0.000 % from Mar 2005 (Median) to Sep 2024, with 79 observations. The data reached an all-time high of 0.000 % in Sep 2024 and a record low of 0.000 % in Sep 2024. Japan JP: Gross Public Debt: % of GDP: General Government: Insurance, Pensions and Standardized Guarantee Schemes data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.QPSD: Gross Public Debt: % of GDP: General Government.

In 2024, the gross government debt of Japan amounted to 255 percent of the country's gross domestic product (GDP), compared to 123 percent of the United States. This was an increase for both countries over 2001 levels, Meanwhile, Germany had the lowest government debt ratio at only 64 percent.

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.

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.

Japan JP: Gross Public Debt: % of GDP: Central Government: Debt Securities and Loans data was reported at 190.987 % in Jun 2018. This records a decrease from the previous number of 191.259 % for Mar 2018. Japan JP: Gross Public Debt: % of GDP: Central Government: Debt Securities and Loans data is updated quarterly, averaging 132.389 % from Mar 1995 (Median) to Jun 2018, with 86 observations. The data reached an all-time high of 197.100 % in Jun 2016 and a record low of 53.121 % in Mar 1995. Japan JP: Gross Public Debt: % of GDP: Central Government: Debt Securities and Loans data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.QPSD: Gross Public Debt: % of GDP: Central Government.

Outstanding international public debt securities to GDP (%) in Japan was reported at 0.14367 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Japan - Outstanding international public debt securities to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

In 2022, household debt in Japan accounted for 68.4 percent of the gross domestic product (GDP). The share increased from 68 percent in the previous year.

 Household debt 

Total household financial liabilities rose to around 382.9 trillion Japanese yen in the second quarter of 2023, most of which comprised housing loans. A distribution of financial liabilities held by multi-person households revealed that loans taken out for the purchase of homes and land were the primary reason for an increase in the average amount of liabilities per household in recent years. The average amount of financial liabilities per multi-person household decreased proportionally with increasing age: household debt reached the highest levels among households with a household head aged below 40 years, while households headed by over 70-year-olds reported the lowest amount of outstanding debt.

 Regional disparities 

A closer look at the geographical distribution of household debt revealed large disparities across different regions in the country: at 6.65 million yen, financial liabilities per multi-person household were highest in the Kanto region, which is home to Japan’s capital Tokyo where a large proportion of the Japanese workforce is concentrated. At the same time, the average household debt in Okinawa, the southernmost region of Japan, was 4.32 million yen.

The graph shows national debt in China related to gross domestic product until 2023, with forecasts to 2029. In 2023, gross national debt ranged at around 84 percent of the national gross domestic product.

The debt-to-GDP ratio

In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2023, the estimated national debt of Japan amounted to about 255 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate.

Development in China

China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.