MoF to post debt clock on homepage July 31, 2007Posted by fukumimi in Finance, Japan, Politics.
The Ministry of Finance is apparently going to post a “debt clock” on its homepage (reported here). The clock will show the amount of long term debt the nation is burdened with and how that is changing (increasing) with time . Japan’s long term debt is expected to rise to JPY773Trillion (JPY773,000,000,000,000) by year end 2007. That is about $60,000 for every man, woman and child. And increasing at a pace of JPY190,000 every second.
Then add the Financing Bills and short term debt, and
total debt tops JPY1x10^15….
Japanese debt clocks (such as this one here) have been around for years, one has to question why the MoF is getting around to doing this now. Are they seeing the light? Perhaps, but my money is on the theory that they are beginning a PR drive (with the cooperation of the media) to remind the public how indebted the nation is, as part of a plan to lower resistance to tax rises (and cuts in handouts) in the near future. (all the while continuing to funnel money to their pet projects and institutions which they will later join on retiring from the civil service, no doubt)
Update 8/1: Having had a look at the MoF homepage this morning, I don’t see the reported debt clock anywhere…. I’m going to keep an eye on the site to see if it does eventually appear. For a prefecture by prefecture breakdown, see here.