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Yomiuri says Japan’s finance ministry wants to borrow $195 billion to pay down debt in fiscal 2023

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News Tech: According to the Yomiuri newspaper, Japan’s Ministry of Finance plans to ask for 26.9 trillion yen ($195.5 billion) to pay down debt in the fiscal year that starts in April 2023.

The finance ministry chose not to respond to questions about the report.

According to Yomiuri, without specifying any sources, that would represent a rise of 10.9% from the baseline debt-servicing budget for this fiscal year.

The increase in national debt-servicing expenses, including as interest payments and debt redemptions, brought attention to the industrial world’s largest public debt burden, which is more than twice as large as Japan’s economy.

To assist pay for the expense of sustaining its rapidly ageing population, which accounts for a third of the annual budget, which is valued around 107 trillion yen, the blueprint allows welfare budget requests to increase to 560 billion yen.

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