The harsh reality dictates its own rules and terms to every one. Recently, not only ordinary people have been having problems with paying off loans, but the entire countries as well. The world has not got over the scandal erupted over the U.S. debt yet, but there is already a new record setter. The economists released a shocking amount of Japan’s external debt. The thing is the national debt of the Land of the Rising Sun totals $10.3 trillion. According to the Ministry of Finance, government bonds, private companies’ borrowings, and treasury bills make the lion’s share of the debt. The public debt is everybody’s concern, so, in compliance with the statistical office calculations, each citizen owes a little more than $81,000, given Japan’s population amounts to 127.3 million. The total debt is more than double its GDP that made the country head the list of the seven largest industrialized nations, such as Great Britain, Germany, Italy, Canada, the United States, and France. However, the economists are holding out on raising the alarm; the government debt is sustainable. Besides, the public bonds mainly belong to the Japanese, unlike in the Unites States. Nevertheless, even that circumstance will not be able to retrieve the economy from the collapse.
