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Japan’s Finance Ministry Plans to Request $195 Billion in Debt Service for Fiscal Year 2023

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News Tech: According to the Yomiuri newspaper, Japan’s Ministry of Finance will require 26.9 trillion yen (US$195.5 billion) for debt payments in the fiscal year beginning April 2023.

The finance ministry did not respond to the report.

Yomiuri claimed, without identifying sources, that this would be a 10.9% rise above the initial debt-servicing budget for this fiscal year.

The surge in national debt-servicing expenses, or interest payments and debt redemptions, underlined the industrial world’s highest public debt burden, which is more than twice the size of Japan’s economy.

According to the plan, welfare budget demands can reach 560 billion yen to assist cover the expense of sustaining its rapidly ageing population, which accounts for one-third of the yearly budget of 107 trillion yen.

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