Japanese government's debt reaches record $11 trillion

Tokyo, Aug 10 (IANS) Japanese government's debt reached a record 1,008.6 trillion yen (about $11.40 trillion) at the end of June, the finance ministry said Friday.

As the government has issued plenty of new bonds to fund large-scale public projects to promote economy this fiscal year, the debt may expand to 1,107.1 trillion yen by the end of next March, reported Xinhua citing the ministry.

According to the quarterly data, the central government debt in June was up 17 trillion yen from March.

The amount consisted of 830.5 trillion yen in government bonds, 54.8 trillion yen in borrowing mainly from financial institutions, and 123.4 trillion yen in bills to meet short-term financing needs.

Japan's fiscal health is the worst among major developed countries with its public debt level at more than 200 percent of gross domestic product.

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