FX.co ★ Japan’s public debt is to hit 1 quadrillion yen by the end of March

Japan's government debt will be 1.016 quadrillion yen ($10.9 trillion) by the end of the current fiscal year ending March 31, 2013; local media reported citing the Ministry of Finance, according to Eurasia News. At the end of December 2012 the debt exceeded a record 997 trillion yen ($10.7 trillion). Divided by the population size of 127 million, the public debt per capita constitutes 7.8 million yen (about $84K). For the last quarter of 2012 the national debt increased by 13 trillion yen ($139 billion). Shinzo Abe's government, which took office at the end of the prior year, is aimed at improving the country’s financial condition and giving the momentum needed for the economic recovery. In the new fiscal year Japan hopes to increase emission of its government bonds to 42.85 trillion yen ($460 billion), slightly less than previous year’s emission of 44 trillion yen ($473 billion).