Japan’s Debt of More than $1,046 Trillion Dollars Posing Threat to the Country
This September, Prime Minister Shinzo Abe was able to gain the public’s trust by passing a security bill which argues that North Korea and China are pressing security threats to the country. However, there is a bigger issue that Japan needs to resolve and this has nothing to do with other countries. This nation’s debt has been affecting the entire Japanese population like a Trojan horse. In fact, it has now reached more than 1 quadrillion yen or $1,046 trillion dollars.
Much of the country’s debt can be attributed to its military and social security expenses. As a result, their bond market has the tendency to crash. The one’s that will be affected most are the Japanese citizen’s livelihoods since they may be compelled to pay higher taxes, give in to service cuts and receive lesser pensions.
“There is no need to wait for Japan’s bond market to crash. Whether this happens or not, the country will still need to resolve its fund problem. With such financial dilemma, this nation’s money will surely run out”, Kosuke Takahasi wrote in Huffington Post Japan.
“This is the world’s worst budget shortage”; the Organization of Economic Corporation Development stated. And the sad fact is that no one from the government issues warning to the people regarding their financial predicament.