Japan’s government has released its public debt report. It says the Land of the Rising Sun owes to external creditors a record amount that has risen beyond the quadrillion-yen mark. As of early April, it is estimated at 1.02 quadrillion yen (almost $11 trillion). It rose 33.36 trillion yen from the same period last year, Japan’s Finance Minister Taro Aso said. The main reason for such a serious debt problem is said to be systematic increase of spending on social benefits and allowances. Record investments of social programs greatly affect the Japanese economy. The country is going through a difficult period of population ageing with the rapid growth of people of retirement age not allowing the government to reduce pensions and benefits. In per capita terms, every Japanese citizen has to pay off about 8.06 million yen (based on the recent census data, according to which there are 127,140,000 people living in Japan). Finance Minister said that the situation has escalated dramatically and is about to get out of control with slow implementation of financial rescue programs doing more harm than good. Moreover, Taro Aso mentioned government bond debt saying it has edged up 38.36 trillion yen to 743.87 trillion from a year earlier. Funds used for intervention in the foreign exchange market came in at 115.69 trillion yen, 420.8 billion yen more than in the same period a year ago.