Japan’s staggering national debt has hit a new milestone: one quadrillion yen (or 1,000,000,000,000,000 yen).
On Friday, the government announced that as of June 30, Japan’s outstanding debt was a little over one quadrillion yen. The equivalent of 1,000 trillion yen, Bloomberg Businessweek pointed out that the term "quadrillion" is not often used.
According to Bloomberg News,one quadrillion yen equals 10.46 trillion U.S. dollars. Based on the figures collected by the Australian Government and International Monetary Fund, the ten-nation Association of Southeast Asian Nations’ (ASEAN) aggregate GDP, in purchasing parity power terms, stood at about US$3.6 trillion in 2012. That means that Japan’s national debt is just less than three times the size of ASEAN’s entire GDP.
To be fair, Japan’s public debt is also about twice as large as its own GDP. Still, ASEAN consists of ten separate nations, some of which are quite prosperous. ASEAN’s population of about 615.6 million people is also around five times the size of Japan’s 127.5 million citizens. READ MORE