The statistic shows the national debt of Japan from 2020 to 2023, with projections up until 2030. The amount of Japan's national debt in 2023 amounted to about 9.91 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 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.

Japan recorded a Government Debt to GDP of 236.70 percent of the country's Gross Domestic Product in 2024. This dataset provides the latest reported value for - Japan Government Debt to GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The statistic shows Japan's national debt from 2020 to 2023 in relation to gross domestic product (GDP), with projections up until 2030. In 2023, the national debt of Japan amounted to about 239.97 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 National Government Debt

• Japan National Government Debt reached 9,396.6 USD bn in Apr 2023, compared with 9,570.6 USD bn in the previous month.
• Japan National Government Debt data is updated monthly, available from Apr 1982 to Apr 2023.
• The data reached an all-time high of 12,619.3 USD bn in Sep 2012 and a record low of 422.2 USD bn in Oct 1982.

CEIC converts monthly Government Debt into USD. The Bank of Japan provides Government Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Government Debt covers Central Government only.


Related information about Japan National Government Debt

• In the latest reports, Japan Consolidated Fiscal Balance recorded a deficit equal to 6.2 % of its Nominal GDP in Mar 2024.
• The country's Government debt accounted for 226.1 % of its Nominal GDP in Mar 2023.
• Japan Nominal GDP reached 1,080.1 USD bn in Mar 2023.

In the fiscal year 2023, the national debt service expenditure of the national government in Japan amounted to **** trillion Japanese yen. Expenditure on debt service increased from around **** trillion yen in the previous fiscal year.

The outstanding value of Japan's general government debt securities has shown an upward trend from 2000 to the third quarter of 2024, rising from approximately *** trillion U.S. dollars to nearly **** trillion U.S. dollars. The peak occurred in 2011, when government debt securities recorded a value of over ** trillion U.S. dollars.

Historical dataset showing Japan national debt by year from 1990 to 2022.

United States Gross Purchases by Foreigners: Japan: US T Bonds & Notes data was reported at 38.861 USD bn in May 2018. This records an increase from the previous number of 27.653 USD bn for Apr 2018. United States Gross Purchases by Foreigners: Japan: US T Bonds & Notes data is updated monthly, averaging 34.582 USD bn from Jan 1977 (Median) to May 2018, with 497 observations. The data reached an all-time high of 109.805 USD bn in Jul 1989 and a record low of 0.000 USD mn in Jan 1977. United States Gross Purchases by Foreigners: Japan: US T Bonds & Notes data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z039: Foreign Purchases and Sales in Long Term Securities: Asian Countries.

In 2023, China held **** percent of foreign held U.S. securities. Japan held a further **** percent of foreign held securities. The national debt of the United Stated can be found here.

The average for 2022 based on 174 countries was 59.99 percent. The highest value was in Japan: 236.58 percent and the lowest value was in Liechtenstein: 0.5 percent. The indicator is available from 1960 to 2024. Below is a chart for all countries where data are available.

Ukraine National Debt: USD: Payments in Japanese Yen data was reported at 554,116.674 USD th in Sep 2018. This records a decrease from the previous number of 565,355.648 USD th for Aug 2018. Ukraine National Debt: USD: Payments in Japanese Yen data is updated monthly, averaging 422,900.330 USD th from Dec 2008 (Median) to Sep 2018, with 105 observations. The data reached an all-time high of 632,568.988 USD th in Sep 2016 and a record low of 151,534.120 USD th in Dec 2010. Ukraine National Debt: USD: Payments in Japanese Yen data remains active status in CEIC and is reported by Ministry of Finance of Ukraine. The data is categorized under Global Database’s Ukraine – Table UA.F010: National Debt Payments.

Internet Initiative Japan reported JPY33.64B in Debt for its fiscal quarter ending in December of 2024. Data for Internet Initiative Japan | IIJI - Debt including historical, tables and charts were last updated by Trading Economics this last July in 2025.

This data package includes the underlying data and files to replicate the calculations, charts, and tables presented in Sustainability of Public Debt in the United States and Japan, PIIE Working Paper 14-9. If you use the data, please cite as: Cline, William R. (2014). Sustainability of Public Debt in the United States and Japan. PIIE Working Paper 14-9. Peterson Institute for International Economics.

As of March 31, 2025, the central government debt in Japan comprised around ******* trillion Japanese yen in outstanding government bonds and borrowings and close to **** trillion yen in government-guaranteed debts. Outstanding government bonds amounted to about ******* trillion yen.

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.

In the fiscal year 2023, the initial budget for national debt service expenditure of the national government in Japan amounted to approximately 25.7 trillion Japanese yen. Around 27 trillion yen in expenditure on debt service was planned according to the general account budget.

Japan IB: GA: Exp: National Debt Service data was reported at 23,301.964 JPY bn in 2019. This records a decrease from the previous number of 23,528.490 JPY bn for 2018. Japan IB: GA: Exp: National Debt Service data is updated yearly, averaging 11,664.900 JPY bn from Mar 1961 (Median) to 2019, with 59 observations. The data reached an all-time high of 23,612.124 JPY bn in 2017 and a record low of 22.000 JPY bn in 1966. Japan IB: GA: Exp: National Debt Service data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s Japan – Table JP.F016: Government Budget: Initial: General Account: Expenditure: By Program.

The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 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 2024, the estimated national debt of Japan amounted to about 250 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.