Supplement Fiscal Conditions and Debt Outstandings · Transfer fund equivalent to income from Special Account for Social Infrastructure Improvement 82.5 81.6 0.9 Transfer fund needed

172

Ⅲ　Appendices

Supplement Fiscal C

onditions and Debt O

utstandings

(1) General Account Tax Revenues, Total Expenditures and Government Bond Issues

【Supplement】Fiscal Conditions and Debt Outstandings

(2) Government Bond Issues and Bond Dependency Ratio

Note 1 : FY1975-FY2016:settlement, FY2017:revised budget, FY2018: Initial budgetNote 2 ： Following various bonds are excluded: Ad-hoc Special Deficit-Financing bonds issued in FY1990 as a source of funds to support peace and reconstruction activities in

the Persian Gulf Region, Tax reduction-related Special Deficit-Financing bonds issued in FY1994-1996 to make up for decline in tax revenues due to a series of income tax cuts preceding consumption tax hike from 3% to 5%, Reconstruction bonds issued in FY2011 as a source of funds to implement measures for the Reconstruction from the Great East Japan Earthquake, Pension-related Special Deficit-Financing bonds issued in FY2012,2013 as a source of funds to achieve the targeted one-half National contribution to basic pension.

Note 3 ： In calculating Bond Dependency Ratio, "Temporary Bond", issued while securing future financial resources by the establishment of the Special tax, etc. are excluded.Note 4 ： In calculating Bond Dependency Ratio in FY2011, reconstruction-related expenditures, which are managed in Special Account for Reconstruction from the Great East

Japan Earthquake after FY2012 and are not included in the total amount of General Account Expenditure, are included. If all reconstruction-related expenditures are excluded from total amount of General Account Expenditure, Bond Dependency Ratio in FY2011 is 46.7%.

2.1 3.5 4.5 4.36.3 7.2 5.9 7.0 6.7 6.4 6.0 5.0

2.5 1.0 0.2 0.8 2.0

9.2 8.5

16.9

24.321.9

20.9

25.8 28.7

26.823.5

21.1 19.3

26.2

36.934.7

34.4

36.033.8

31.928.4

29.1 28.3 27.6

3.23.7

5.0 6.3

7.1 7.07.0

7.0 6.8 6.4 6.36.2

6.96.2 6.4 6.3 6.7

9.5

16.212.3

16.4

10.79.9

17.0

13.2

11.19.1

9.16.7 8.7

7.8

6.4 6.0

7.0

15.0

7.6 8.4

11.4

7.06.6

6.58.9

7.36.1

29.4

32.9

34.7

32.6

27.5

29.7

26.6

24.8

23.2

21.0

16.3

11.610.1

9.29.5

21.5

24.225.2

40.3

42.1

36.9

35.4

41.842.9

41.8

36.6 33.7

31.0

39.2

51.5

44.4

42.5

48.9

40.839.0

35.5

39.0

35.9

34.5

0

10

20

30

40

50

0

10

20

30

40

50

60

75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

25.3

31.3

17.9

23.5

13.5

（Unit: trillion yen）

Construction bonds

Special deficit-financing bonds

Public bond dependency

(FY)

(%)

Note 1 : FY1975-FY2016:settlement, FY2017: revised budget, FY2018: Initial budgetNote 2 : Following various bonds are excluded: Ad-hoc Special Deficit-Financing bonds issued in FY1990 as a source of funds to support peace and reconstruction activities in

the Persian Gulf Region, Tax reduction-related Special Deficit-Financing bonds issued in FY1994-1996 to make up for decline in tax revenues due to a series of income tax cuts preceding consumption tax hike from 3% to 5%, Reconstruction bonds issued in FY2011 as a source of funds to implement measures for the Reconstruction from the Great East Japan Earthquake, Pension-related Special Deficit-Financing bonds issued in FY2012,2013 as a source of funds to achieve the targeted one-half National contribution to basic pension.

5.37.2

9.6 10.7 13.5 14.2 12.9 14.0 13.5 12.8 12.3 11.3

9.47.2 6.6 6.3 6.7

9.5

16.2 13.2

18.4 19.9 18.5

34.0 37.5

33.0 30.0

35.0 35.3 35.5

31.3 27.5

25.4

33.2

52.0

42.3

42.8

47.5

40.9 38.5

34.9 38.0

35.6 33.7

20.924.5

29.1

34.1

38.843.4

46.9

47.250.6

51.5 53.0 53.657.7

61.5

65.969.3 70.5

75.1 73.6

75.9

78.8

78.5

84.489.0 89.3

84.8 83.7 82.484.9 85.5

81.4

81.884.7

101.0

95.3

100.7

97.1

100.2

98.8

98.2

97.5

99.1

97.7

13.815.7

17.321.9

23.726.9 29.0 30.5

32.434.9

38.2

41.9 46.8

50.854.9

60.1 59.8

54.4

54.1

51.0

51.9

52.1

53.9

49.4

47.250.7

47.943.8 43.3

45.649.1

49.1

51.0

44.3

38.7

41.5

42.8

43.9

47.0

54.0

56.3

55.557.7

59.1

0

20

40

60

80

100

120

75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Tax Revenues

Total Expenditures

JGB Issues(New Financial Resource Bonds)

70.5

38.5 38.0 37.5

18.4 18.5

(Unit: trillion yen)

(FY)

03_Ⅲ　Appendices_2018.indd 172 2018/06/25 16:08:08

173

Ⅲ　AppendicesSupplem

ent Fiscal Conditions and D

ebt Outstandings

(3) Changes in Ratio of Primary Balance to GDP

(4) Projections in Primary Balance (Central and Local government basis ; percentage of GDP)

Note 1: ”New Economic Policy Package, Etc.” means the social security enhancement measures that were planned to be implemented at the time of the consumption tax rate hike to 10%(October,2019), including the pensioners support benefits(around 1.1 trillion yen), and “fiscal reconstruction” means reduction of debt to be imposed on the future generation and increase in expenditure regarding four social security expenses accompanying the consumption tax rate hike to 10%.

Note 2: It is assumed that the consumption tax rate will be raised to 10%. This projection incorporates the financial sources funded by deferring the introduction of the total aggregate system in social security as a part of the stable and permanent financial sources secured in response to the decline in tax revenue due to implementing the reduced rate for consumption tax. As for the unincorporated remainder of the necessary amounts, the above act provides that it will be secured by taking legislative measures on revenues or expenditures, or other measures by the end of FY2018.

Note 3: Excluding the expenditures and fiscal resources for the recovery and reconstruction measures related to the 2011 Earthquake.(Source: Cabinet Office “Economic and Fiscal Projections for Medium to Long Term Analysis (Jan, 2018)”)

▲4.7 ▲4.7

▲3.8

▲3.0

▲2.4▲1.9

▲3.7

▲7.7

▲6.4▲6.6

▲5.8 ▲5.8

▲4.1

▲3.4 ▲3.5

▲3.7

▲3.1

▲5.5

▲5.3

▲3.8

▲2.6

▲1.6

▲1.2

▲2.8

▲7.3

▲6.3 ▲6.4

▲5.5 ▲5.3

▲3.8

▲2.9 ▲3.0▲3.4

▲2.9

▲9.0

▲8.0

▲7.0

▲6.0

▲5.0

▲4.0

▲3.0

▲2.0

▲1.0

0.0

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Ratio of Primary Balance (Central government) to GDP as percentage

Ratio of Primary Balance (Central/Local government) to GDP as percentage

(% of GDP)

(FY)

●

FY2015(▲2.9%)-achieved

FY2020Projection (▲1.8%)

FY2015Fiscal Consolidation Target(Halving from the 2010 rate)

(▲3.2%)

FY2010Base year(▲6.3%)

(FY)

▲7

▲6

▲5

▲4

▲3

▲2

▲1

0

1

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

(% of GDP)

■▲

Economic Growth Achieved

Baseline

Note : Excluding the expenditures and fiscal resources for the recovery and reconstruction measures related to the 2011 Earthquake. (Sources: Cabinet Office "Annual Report on National Accounts" and "Economic and Fiscal Projections for Medium- to Long-term Analysis (Jan, 2018)")


174

Ⅲ　Appendices

Supplement Fiscal C


utstandings

(5) Government Debt-related Expenditures in the General Account-Breakdown by Categories (FY2018)

(6) Historical Changes in Government Debt-related Expenditures

(Unit : billion yen)

Category FY2017 (initial) FY2018 (initial) changes

Debt redemption expenses 14,368.0 14,274.5 ▲ 93.5

JGB redemption 13,861.9 13,904.0 42.2

Transfer fund by the 60-year redemption rule 12,716.3 13,110.8 394.6

Transfer fund equivalent to income from Special Account for Social Infrastructure Improvement 82.5 81.6 ▲ 0.9

Transfer fund needed for redemption of special bonds issued for a tax reduction 256.8 ー ▲ 256.8

Transfer fund by the budget 806.3 711.6 ▲ 94.7

Borrowing redemption 506.2 370.5 ▲ 135.7

Transfer fund by the 60-year redemption rule 196.2 186.8 ▲ 9.3

Transfer fund by the budget 310.0 183.6 ▲ 126.4

Interest payment and discount expenses 9,132.8 8,997.8 ▲ 135.0

JGB interest payment 8,958.9 8,921.2 ▲ 37.7

Borrowing interest payment 113.9 16.7 ▲ 97.2

Financing Bills discount expense 60.0 60.0 ーAdministration expense 27.6 29.6 2.0

Total 23,528.5 23,302.0 ▲ 226.5Note: Figures may not sum up to the total because of rounding.

Note 1: Figures may not sum up to the total because of rounding. Note 2: FY2009-FY2016: settlement, FY2017：supplementary budget, FY2018: initial budget. Note 3: FY2011:Reconstruction Bonds-related expenditures are excluded.Note 4: Average coupon is the weighted average of the nominal rate on coupon-bearing JGBs.

（Reference）Average coupon 1.36% 1.29% 1.24% 1.19% 1.15% 1.11% 1.08% 1.01%


20.0

15.0

10.0

5.0

0.02009

7.3

9.9

1.3

18.4

2010

7.5

10.7

1.4

19.5

2011

7.8

10.6

1.3

19.6

2012

7.8

11.2

1.1

20.0

2013

7.9

11.8

0.8

20.4

2014

8.1

12.7

0.7

21.5

2015

8.2

12.8

0.7

21.7

2016

8.1

13.2

0.7

22.0

2017

8.0

14.1

0.6

22.7

2018

8.9

13.9

0.5

23.3

JGB interest paymentJGB redemptionBorrowing related cost, Administration expense, etc.


175



ebt Outstandings

(7) Projection of the FY2018 Budget Impact on Following Years' Expenditure and Revenue[CASE1]【Caseof3.0%nominaleconomicgrowthrate】


FY2017 FY2018 FY2019 FY2020 FY2021

Expenditure

① Central Debt Service Cost 23.5 23.3 24.3 25.4 26.5

② Interest payment 9.1 9.0 9.5 10.3 11.1

③ Primary Balance Expenditure 73.9 74.4 76.1 79.3 80.8

④ Social Security-Related Expenditure 32.5 33.0 34.2 36.7 37.7

⑤ Local Allocation Tax Grants, etc 15.6 15.5 15.8 16.6 17.1

⑥ Others 25.9 25.9 26.0 26.1 26.1

⑦ Total Expenditure 97.5 97.7 100.4 104.7 107.4

Tax Revenueetc.

⑧ Tax Revenue 57.7 59.1 62.3 66.7 69.0

⑨ Other Revenues 5.4 4.9 4.9 4.9 4.8

⑩ Total Revenue 63.1 64.0 67.2 71.6 73.8

⑪ Difference of Balance（⑦－⑩） 34.4 33.7 33.2 33.2 33.6

⑫ Primary Balance ▲ 10.8 ▲ 10.4 ▲ 8.9 ▲ 7.8 ▲ 7.1

⑬ Fiscal Balance ▲ 20.0 ▲ 19.4 ▲ 18.4 ▲ 18.1 ▲ 18.2Note 1:FY2017: Initial Budget, FY2018: Draft Budget, FY2019-FY2021: Projections based on the systems and policies underlying the FY2018 budget. a) As details of the expenditure concerned with the Human Resource Development Revolution of the "New Economic Policy Package" are undecided at the moment,

it is assumed to include the " ④ Social Security-related Expenditures" under the supposition of full implementation in FY2020. Since the ratio of the expenditure of the central government and the local government is also undecided, it is mechanically assumed that the ratio of the central government and the local government is 7 to 3, based on the distribution of the consumption tax revenue.

b) " ③ Primary Expenditure" for FY2019 and the following years are estimated by adding the expenditure as the " ④ Social Security-related Expenditures" for the enhancement of social security associated with implementation of the "Comprehensive Reform of Social Security and Tax" and ”New Economic Policy Package” to the expenditure projected based on the systems and policies underlying the FY2018 budget. It is assumed that the introduction of the total aggregate system in social security will be postponed by introducing the reduced tax rate system.

c) " ⑧ Tax Revenue" is assumed the increase in the consumption tax rate to 10% in October 1, 2019 is projected with the introduction of reduced tax rate which brings the decline in tax. In response to the decline in tax revenue due to implementing the reduced rate for consumption tax, the stable and permanent financial sources secured by taking legislative measures (the Act for Partial Revision of the Income Tax Act and Other Acts) on revenues or expenditures or other mea-sures by the end of FY2018.

[CASE2]【Caseof1.5%nominaleconomicgrowthrate】(Unit: trillion yen)

FY2017 FY2018 FY2019 FY2020 FY2021

Expenditure

① Central Debt Service Cost 23.5 23.3 24.3 25.3 26.2

② Interest payment 9.1 9.0 9.5 10.2 10.8

③ Primary Balance Expenditure 73.9 74.4 75.8 78.6 79.6

④ Social Security-Related Expenditure 32.5 33.0 34.2 36.6 37.5

⑤ Local Allocation Tax Grants 15.6 15.5 15.6 16.0 16.3

⑥ Others 25.9 25.9 26.0 25.9 25.9

⑦ Total Expenditure 97.5 97.7 100.1 103.9 105.9

Tax Revenueetc.

⑧ Tax Revenue 57.7 59.1 61.3 64.6 65.7

⑨ Other Revenues 5.4 4.9 4.9 4.9 4.8

⑩ Total Revenue 63.1 64.0 66.2 69.5 70.5

⑪ Difference of Balance（⑦－⑩） 34.4 33.7 33.8 34.4 35.4

⑫ Primary Balance ▲ 10.8 ▲ 10.4 ▲ 9.6 ▲ 9.1 ▲ 9.1

⑬ Fiscal Balance ▲ 20.0 ▲ 19.4 ▲ 19.0 ▲ 19.3 ▲ 19.9

Note 1: FY2017: Initial Budget, FY2018: Draft Budget, FY2019-FY2021: Projections based on the systems and policies underlying the FY2018 budget. a) As details of the expenditure concerned with the Human Resource Development Revolution of the “New Economic Policy Package” are undecided at the moment,

it is assumed to include the “ ④ Social Security-related Expenditures” under the supposition of full implementation in FY2020. Since the ratio of the expenditure of the central government and the local government is also undecided, it is mechanically assumed that the ratio of the central government and the local government is 7 to 3, based on the distribution of the consumption tax revenue.

b) " ③ Primary Expenditure" for FY2019 and the following years are estimated by adding the expenditure as the " ④ Social Security-related Expenditures" for the enhancement of social security associated with implementation of the "Comprehensive Reform of Social Security and Tax" and ”New Economic Policy Package” to the expenditure projected based on the systems and policies underlying the FY2018 budget. It is assumed that the introduction of the total aggregate system in social security will be postponed by introducing the reduced tax rate system.

c) " ⑧ Tax Revenue" is assumed the increase in the consumption tax rate to 10% in October 1, 2019 is projected with the introduction of reduced tax rate which brings the decline in tax. In response to the decline in tax revenue due to implementing the reduced rate for consumption tax, the stable and permanent financial sources secured by taking legislative measures (the Act for Partial Revision of the Income Tax Act and Other Acts) on revenues or expenditures or other mea-sures by the end of FY2018.


176

Ⅲ　Appendices

Supplement Fiscal C


utstandings

[Reference]Projectionsofvariousinterestrateassumptions(Sensitivityanalysesbasedon[CASE1])

○ Difference in Debt Service Cost for various interest rate assumptions

(unit : trillion yen), ( ) for the amount of Debt Service Cost

interest rate (Difference from [CASE 1]) FY2019 FY2020 FY2021

＋ 2％ +2.0(26.3)

+4.4(29.8)

+6.7(33.3)

＋ 1％ +1.0(25.3)

+2.2(27.6)

+3.3(29.8)

－ 1％ ▲ 0.9(23.4)

▲ 2.0(23.4)

▲ 3.2(23.3)

Note : The interest rate for FY2018 in [Case-1] is based on FY2018 budget, and the rates after FY2019 are calculated reflecting implied forward rates.

(8) Cash-flow Projections of the GDCF(Unit: billion yen)

JGB Outstanding at the end of FY

Interest Payments, etc. Redemption Amount Issuance of

Refunding Bonds

FY2018 876,930.0 9,160.0 115,390.0 101,380.0

FY2019 896,470.0 9,660.0 111,470.0 96,940.0

FY2020 915,730.0 10,460.0 123,120.0 108,300.0

FY2021 935,150.0 11,260.0 113,540.0 98,420.0

FY2022 954,310.0 12,150.0 113,900.0 98,490.0

FY2023 973,170.0 12,850.0 118,920.0 103,160.0

FY2024 991,710.0 13,560.0 117,180.0 101,090.0

FY2025 1,009,930.0 14,310.0 122,760.0 106,380.0

FY2026 1,027,880.0 15,060.0 117,800.0 101,130.0

FY2027 1,045,560.0 15,800.0 117,930.0 100,970.0Note 1: This calculation is based on the same assumptions as in "Case- 1" of the "Budget Projections in FY2018 Budget Policy". After FY2022, it is

assumed that the amount of new issuance is equal to the "gap" in FY2021, with the same interest rates as those in FY2021.Note 2: This calculation covers JGBs related to the fixed-rate transfers from the General Account and to the transfers equivalent to the gap between

issuance-price and face value. The Special Bonds for covering Public Pension Funding are included, while the Reconstruction Bonds are excluded.

Note 3: "Issuance of Refunding Bonds" includes revenues from the Refunding Bonds that are qualified to be issued in the previous fiscal year. The volume of buy-backs is assumed to be equal to the FY2018 level, financed by issuing refunding bonds.

Note 4: "Interest Payments, etc." includes administrative costs, government bonds office handling costs and revenues from Special Tobacco Tax (which are brought into the Special Account for Government Bonds Consolidation Funds).

Note 5: This calculation does not assume surpluses to occur.Note 6: Figures may not sum up to the total because of rounding.Note 7: The above data are subject to changes for different assumptions.


177



ebt Outstandings

(9) Changes in the Outstanding Amount of JGBs, Financing Bills, Borrowings and Government-Guaranteed Debt（Unit: billion yen）

Category FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Government Bonds(JGBs) 680,448.2 720,489.0 758,569.0 789,342.0 821,474.1 853,763.6 881,484.7 910,809.7 934,900.2 959,141.3

General Bonds 545,935.6 593,971.7 636,311.7 669,867.4 705,007.2 743,867.6 774,083.1 805,418.2 830,573.3 853,178.9（Reconstruction Bonds）（－）（－）（－）（10,652.9）（10,328.3）（9,013.5）（8,279.5）（5,945.6）（6,721.3）（5,481.3）

Long-term (10 years or more) 354,237.8 373,154.5 404,367.9 432,957.7 462,771.8 497,452.0 532,992.6 574,789.9 610,823.0 642,401.2

Medium-term (from 2 to 5 years) 161,018.3 177,193.2 192,631.5 195,097.6 195,522.5 204,708.2 203,289.9 194,434.2 186,776.4 183,981.6

Short-term (one year or less) 30,679.5 43,624.0 39,312.3 41,812.1 46,712.9 41,707.4 37,800.6 36,194.1 32,974.0 26,796.2

FILP Bonds 131,050.1 122,225.3 118,191.8 110,912.2 109,260.7 104,210.4 98,991.0 96,115.5 96,250.9 94,525.9

Long-term (10 years or more) 94,737.2 100,274.3 100,788.8 91,906.8 86,600.9 80,546.4 71,341.2 62,811.7 58,692.3 60,631.8

Medium-term (from 2 to 5 years) 36,312.9 21,951.0 17,403.0 19,005.5 22,659.8 23,664.0 27,649.8 33,303.8 37,558.7 33,894.1

Subsidy Bonds 526.6 449.6 367.3 282.6 197.7 174.6 135.5 134.2 209.4 194.1

Subscription / Contribution Bonds 2,210.5 1,767.1 1,623.0 1,874.2 2,189.7 2,510.0 2,681.8 4,761.2 4,627.7 4,444.1

Government Bonds issued to Development Bank of Japan － 1,350.0 1,350.0 1,343.8 1,324.7 1,324.7 1,324.7 1,324.7 1,324.7 1,324.7

Government Bonds issued to Nuclear Damage Compensation and Decommissioning Facilitation Corporation

－－－ 4,336.4 2,768.7 1,313.0 4,268.7 3,056.0 1,914.2 5,473.6

Government Bonds converted from The Japan Expressway Holding and Debt Repayment Agency Bonds

725.4 725.4 725.4 725.4 725.4 363.3 －－－－

Borrowings 57,566.1 56,406.3 55,005.8 53,741.0 54,859.3 55,504.7 54,984.1 54,807.5 54,420.0 54,022.8

Long-term (over one year) 22,251.9 21,092.1 19,691.6 18,226.7 17,245.1 16,458.2 15,687.6 14,861.0 14,032.9 13,218.5

Short-term (one year or less) 35,314.2 35,314.2 35,314.2 35,514.2 37,614.2 39,046.5 39,296.5 39,946.5 40,387.0 40,804.3

Financing Bills 108,482.6 106,028.1 110,784.7 116,867.3 115,267.7 115,688.4 116,888.3 83,748.9 82,239.2 74,648.9

Total 846,497.0 882,923.5 924,359.6 959,950.3 991,601.1 1,024,956.8 1,053,357.2 1,049,366.1 1,071,559.4 1,087,813.0

Category FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Government-Guaranteed Debt 45,429.3 46,596.0 44,744.6 44,039.7 44,945.8 44,532.6 43,398.4 41,780.6 40,283.2 39,711.7

Note: Figures may not sum up to the total because of rounding.


178

Ⅲ　Appendices

Supplement Fiscal C


utstandings

(10) Long-term Debt Outstanding of Central and Local Governments(Unit: trillion yen)

FY1998<Actual>

FY2003<Actual>

FY2009<Actual>

FY2010<Actual>

FY2011<Actual>

FY2012<Actual>

FY2013<Actual>

FY2014<Actual>

FY2015<Actual>

FY2016<Actual>

FY2017<Estimated>

FY2018<Budget>

CentralGovernment

390 493 621 662 694 731 770 800 834 859 893 915(387) (484) (613) (645) (685) (720) (747) (772) (792) (815) (837) (860)

GeneralBonds

295 457 594 636 670 705 744 774 805 831 864 883(293) (448) (586) (619) (660) (694) (721) (746) (764) (786) (808) (828)

Percentage of GDP

56% 88% 121% 127% 136% 143% 147% 149% 151% 154% 157% 156%(56%) (87%) (119%) (124% ) (134% ) (140%) (142%) (144%) (143%) (146%) (147%) (147%)

Local Governments 163 198 199 200 200 201 201 201 199 197 195 192Percentage

of GDP 31% 38% 40% 40% 41% 41% 40% 39% 37% 37% 35% 34%

Total 553 692 820 862 895 932 972 1,001 1,033 1,056 1,087 1,107(550) (683) (812) (845) (885) (921) (949) (972) (991) (1,012) (1,031) (1,052)

Percentage of GDP

105% 134% 167% 173% 181% 188% 192% 193% 193% 196% 198% 196%(105%) (132%) (165% ) (169% ) (179% ) ( 186% ) (187% ) (188% ) (186% ) ( 188% ) (187%) (187%)

(Note1) GDP for FY1998 - FY2016: Actual, FY2017 and FY2018: Outlook(Note2) Government Bonds Outstanding includes Reconstruction Bonds as a source of funds to implement the measures for the reconstruction from the Great East Japan

Earthquake in FY2011-FY2018(FY2011: 10.7 trillion yen, FY2012: 10.3 trillion yen, FY2013: 9.0 trillion yen, FY2014: 8.3 trillion yen, FY2015: 5.9 trillion yen, FY2016: 6.7 trillion yen, FY2017: 6.4 trillion yen, FY2018: 5.8 trillion yen) and Pension-related Special Deficit-Financing Bonds as a source of funds to achieve the targeted national contribution to one-half basic pension (FY2012: 2.6 trillion yen, FY2013: 5.2 trillion yen, FY2014: 4.9 trillion yen, FY2015: 4.6 trillion yen, FY2016: 4.4 trillion yen, FY2017: 4.1 trillion yen, FY2018: 3.9 trillion yen).

(Note3) Figures in parentheses (to FY2016) do not include front-loading issuance for refunding. Figures in parentheses (from FY2017) do not include front-loading limit of issuance for refunding.

(Note4) The borrowings in the Special Account for Local Allocation and Local Transfer Tax are shared by the central government and local governments in accordance with their shares of redemption. The amount of the borrowings outstanding incurred by the central government was transferred to the General Account at the beginning of FY2007, so that the borrowings outstanding in the Special Account since the end of FY2007 are the debt of the local governments (approx. 32 trillion yen in FY2018).

(Note5) From FY2017: The numbers for local governments are estimated in Local Government Debt Plan, etc.(Note6) Government Bonds Outstanding in the Special Account for Fiscal Investment and Loan Program are at approximately 94 trillion yen as of end-FY2018.

1,066(1,011)

Local bonds: 141

Borrowings in the Special Account for Local Allocation Tax: 32

Borrowings in the General Account: 11

Government bonds outstanding [General bonds]:

883 (828)

① Public debt outstanding of central and local governments

<FY2018 : Estimate>【Office for Econometric Analysis, Cabinet Office】

1,107(1,052)

Local Governments: 192Including 32 trillion yen in

borrowings in the Special Account for Local Allocation Tax

Borrowings: 33


883 (828)

② Long-term debt outstanding of central and local governments

<FY2018 : Estimate>【Budget Bureau, Ministry of Finance】

1,239(1,184)

FILP (Fiscal Investment andLoan Program) Bonds: 94

FB(Financing Bill): 198

Borrowings: 64Including 32 trillion yen in



883 (828)including 24 trillion yen in

Treasury Bills

③ Government bonds and borrowings outstanding<FY2018 : Estimate>

【Financial Bureau, Ministry of Finance】

1,279Debt of social security funds: 18

Local governments debt: 188

Debt of incorporatedadministrative agencies: 16

Treasury Discount Bills: 115

including 33 trillion yen in Treasury Bills

Borrowings: 76 Including 32 trillion yen in


Government Bonds［excluding Treasury Bills］:

865

④ General government gross debt

<FY2016 Actual>【Economic and Social Research Institute, Cabinet Office】

Centralgovernment debt

The long-term debt outstanding of central and local governmentthat are caused by general policy expenditure.

The long-term debt outstanding of central and local government of which interest payments and redemption funds are mainly covered by tax revenues.

The debt outstanding to show the big picture of the central government's financing activities such as raising funds from the market.

The debt outstanding of general government (central government, local government and social security funds) calculated based on the universalstandards and concepts (SNA) to help international comparison.

(Reference)GovernmentDebtOutstandingOrganizedinVariousWays

Note 1: “Special Account for Local Allocation Tax” refers to “Special Account for Local Allocation Tax and Local Transfer Tax.”Note 2: The figures in parentheses are amounts excluding the maximum amount (55 trillion yen) of front-loading issuance of Refunding Bonds used for refunding in the next fiscal year.Note 3: Government bonds outstanding (general bonds) as of the end of FY2018 include Reconstruction Bonds (approximately 5.8 trillion yen).Note 4: Borrowings in the General Account in ① are part of borrowings in the Special Account for Local Allocation Tax transferred to the General Account.Note 5: Long-term debt outstanding of local governments includes Local Government Bonds, borrowings in the Special Account for Local Allocation Tax and municipal enterprise

bonds (attributed to the ordinary account) (19 trillion yen).Note 6: Borrowings in ② and ③ = borrowings + Subscription/Contribution Bonds. Borrowings in ② do not include borrowings outstanding in the Special Account for Local

Allocation Tax (approximately 32 trillion yen), of which the redemption funds are burdens on local government.Note 7: Government bonds in ④ include general bonds, Subsidy Bonds and converted government bonds and borrowings in ④ include Subscription/Contribution Bonds.

（Unit: trillion yen）


179



ebt Outstandings

(12) Term-to-maturity Structure of General Bonds (FY2018 Initial Budget Basis)(Unit: billion yen)

FY Maturity Redemption FY Maturity Redemption2019 117,339.3 2039 5,700.82020 95,906.3 2040 6,779.32021 60,355.5 2041 7,284.42022 61,108.6 2042 6,613.12023 63,241.8 2043 8,547.92024 40,463.1 2044 9,837.12025 43,460.1 2045 11,176.32026 40,533.0 2046 9,566.02027 36,949.3 2047 10,148.12028 40,770.7 2048 9,290.62029 14,841.0 2049 1,531.42030 16,619.2 2050 2,127.02031 16,244.0 2051 2,075.92032 19,044.6 2052 2,163.92033 18,540.0 2053 2,268.22034 20,364.1 2054 2,462.02035 19,647.2 2055 2,569.82036 18,427.0 2056 1,764.32037 15,737.5 2057 1,495.22038 18,246.3 2058 1,512.7

Note: Figures may not sum up to the total because of rounding. Total 882,752.5

(11) Breakdown of the Outstanding Amount of General Bonds by Remaining Years to Maturity

AverageYTM* 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M 8Y10M

Average YTM*(excluding saving

bonds)6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY20170

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4%

11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5%

8.9%8.5% 7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7% 8.2%9.2%8.4%

9.0% 8.6% 8.1% 8.1% 8.2% 7.8% 8.2%8.4%

8.8%8.4% 7.8% 7.8% 7.8% 7.4% 7.8% 6.8% 6.8%

5.3%5.2%

4.7% 4.9% 4.4% 4.2% 5.0% 4.2% 4.4% 5.0%

5.6%4.9%

5.2%4.6% 4.5% 5.0% 4.3% 4.4% 4.8% 4.7%

5.5%5.5%

4.8% 4.8%5.3%

4.5% 4.5% 5.0% 4.8% 5.0%

6.2%5.2%

5.1%5.6%

4.7% 4.8% 5.2% 4.9% 5.1% 4.7%

5.0%4.7%

5.2%4.4% 4.3%

4.6% 4.2% 4.5% 4.1% 4.0%

14.8%14.4%

14.4%14.9%

15.6%16.5% 17.7% 18.4% 19.2% 19.6%

2.7%

3.6%

4.6%5.8%

6.7%7.5%

8.3%9.4%

10.1%11.1%

545.9

594.0

636.3 669.9705.0

743.9774.1

805.4830.6

853.2

7.1%


20 yrs-

10-20 yrs

9-10 yrs

8-9 yrs

7-8 yrs

6-7 yrs

5-6 yrs

4-5 yrs

3-4 yrs

2-3 yrs

1-2 yrs

-1 yr

(at the end of FY)

*years to maturity


180

Ⅲ　Appendices

Supplement Fiscal C


utstandings

(14) Outstanding Interest Rate Weighted Average, Interest Payment of General Bonds and Average Years to Maturity(Unit: trillion yen)

Outstanding Amount of General bonds

Interest rate weighted average

Interest payments of General Account

Average years to maturity

FY2008 545.9 1.40 % 7.6 6Y3M

FY2009 594.0 1.36 % 7.7 6Y5M

FY2010 636.3 1.29 % 7.9 6Y8M

FY2011 669.9 1.24 % 8.1 7Y0M

FY2012 705.0 1.19 % 8.0 7Y3M

FY2013 743.9 1.15 % 8.1 7Y7M

FY2014 774.1 1.11 % 8.3 8Y0M

FY2015 805.4 1.08 % 8.3 8Y5M

FY2016 830.6 1.01 % 8.2 8Y7M

FY2017 853.2 0.95 % 8.1 8Y10M

FY2018 882.8 － 9.0 －

Note: In FY2017, outstanding amount of General bonds, interest rate weighted average and average years to maturity:settlement,interest payments of General Account: supplementary budget. In FY2018, outstanding amount of General bonds and interest payments of General Account:initial budget.

(13) Breakdown of the Outstanding Amount of General Bonds by Maturity Types and Their Average Interest Rate at the end of FY2017

Note 1: Figures in ( ) are the weighted averages of the average interest rates (nominal interest rates) of 2-year, 5-year, 10-year, 20-year, 30-year, and 40-year bonds.Note 2: In order to hold down medium-to-long term costs, it is insufficient to have a structure of maturity that simply lowers the costs of interest at the issuance. When deciding

the issuance amount by maturity, various factors need to be taken into consideration including market needs and trends, the relationship among funding costs, risks of interest rate fluctuations, refunding costs, and future redemption environments.

Average remaining yearsto maturity：8Y10 Ｍ

Average 0.95%

Average interest rate

2018 0.62%

2019 0.58%

2020 0.71%

2021 0.63%

2022 0.56%

2023 0.85%

2024 0.76%

2025 0.70%

2026 0.61%

2027 0.76%

2028～ 2037 1.60%

2038～ 2056 1.56%


（FY for redemption）

69.54

114.15

42.45

39.88

42.29

34.17

（0.10%）（0.24%）

（1.48%）

（1.55%）（1.58%）

（2.33%）

（1.48%）（2.27%）

（0.10%）（2.19%）

（0.10%）（2.17%）

（0.10%）（0.13%）（1.38%）（2.62%）

（0.10%）

（0.10%）

（0.10%）

（1.13%）（2.23%）

（1.05%）（2.08%）

（0.74%）（1.59%）

（1.76%）（0.69%）

（0.47%）（2.12%）

（0.30%）（2.08%）

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028～ 2037

2038～ 2056

40-yr bonds30-yr bonds20-yr bonds15-year-floating-rate bonds10-yr bondsJGBs for retail investors(Floating-rate)Inflation-Indexed bonds5-yr bondsJGBs for retail investors (5-yr fixed-rate)JGBs for retail investors (3-yr fixed rate)2-yr bondsTreasury Bills

89.69

60.46

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 170160

94.3694.36

167.37167.3734.47

40.19

42.45

58.31

69.54

114.15


181



ebt Outstandings

(15) Outstanding Amount of JGB and T-Bill -Breakdown by Holders-（Unit : trillion yen, %）

HoldersEnd of FY2008 End of FY2009 End of FY2010 End of FY2011 End of FY2012

Share Share Share Share ShareGeneral Government (ex Public Pensions) 18.0 2.2% 15.8 1.9% 27.7 3.1% 17.1 1.8% 17.5 1.8%

Public Pensions 80.2 10.0% 76.2 9.1% 72.4 8.2% 68.9 7.4% 68.6 7.0%

Fiscal Loan Fund 9.1 1.1% 1.4 0.2% 0.8 0.1% 0.9 0.1% 4.4 0.5%

Bank of Japan 65.1 8.1% 74.0 8.8% 78.4 8.9% 89.0 9.6% 127.9 13.1%

Banks, etc. 359.1 44.7% 394.0 47.0% 404.6 45.8% 420.4 45.4% 410.3 42.1%Life and Non-life insurance,

etc. 143.2 17.8% 153.6 18.3% 161.9 18.3% 177.2 19.1% 193.1 19.8%

Pension Funds 25.0 3.1% 27.6 3.3% 27.5 3.1% 28.8 3.1% 32.3 3.3%

Overseas 55.6 6.9% 46.4 5.5% 61.8 7.0% 76.7 8.3% 81.9 8.4%

Households 35.1 4.4% 33.6 4.0% 30.3 3.4% 26.6 2.9% 22.9 2.3%

Others 12.9 1.6% 16.1 1.9% 18.4 2.1% 20.6 2.2% 16.1 1.6%

Total 803.3 100.0% 838.9 100.0% 883.9 100.0% 926.2 100.0% 974.8 100.0%

HoldersEnd of FY2013 End of FY2014 End of FY2015 End of FY2016 End of 2017

（QE）Share Share Share Share Share

General Government (ex Public Pensions) 23.4 2.3% 21.4 2.0% 4.0 0.4% 3.8 0.3% 3.4 0.3%

Public Pensions 66.3 6.6% 53.5 5.1% 52.1 4.8% 48.1 4.4% 45.9 4.2%

Fiscal Loan Fund 0.6 0.1% 3.1 0.3% 0.0 0.0% 0.0 0.0% 0.0 0.0%

Bank of Japan 201.1 20.0% 274.6 26.3% 364.4 33.8% 427.3 39.5% 449.4 41.1%

Banks, etc. 361.0 36.0% 329.2 31.5% 276.5 25.6% 224.3 20.7% 211.1 19.3%

Life and Non-life insurance, etc. 195.2 19.5% 200.2 19.2% 212.2 19.7% 206.8 19.1% 205.6 18.8%

Pension Funds 34.3 3.4% 34.4 3.3% 34.1 3.2% 31.7 2.9% 30.1 2.8%

Overseas 81.5 8.1% 97.7 9.4% 110.3 10.2% 116.6 10.8% 122.5 11.2%

Households 20.0 2.0% 15.8 1.5% 12.4 1.1% 12.5 1.2% 12.4 1.1%

Others 19.6 1.9% 13.8 1.3% 13.2 1.2% 11.7 1.1% 12.0 1.1%

Total 1,002.9 100.0% 1,043.6 100.0% 1,079.1 100.0% 1,082.9 100.0% 1,092.4 100.0%

Note 1: Figures are as of the end of the fiscal year, up to FY2016 are revised values, and those for 2017 are preliminary values. Note 2: “JGB” includes “FILP Bonds.” Note 3: “Banks, etc.” includes “Japan Post Bank” , “Securities investment trust” and “Securities companies.” Note 4: “Life and Non-life insurance, etc.” includes “Japan Post Insurance.” Note 5: "Others" consists of "Nonfinancial corporations" and "Private nonprofit institutions serving households." Note 6: Since February 2009, TBs and FBs have been jointly issued as T-Bills. Note 7: Figures of JGBs and T-Bills are calculated at market value in Flow of Funds Accounts. Figures in financial statements are different in basis from those in Flow of

Funds Accounts due to a difference of evaluation methods by holding purpose (book value or market value).(Sources) Bank of Japan "Flow of Funds Accounts Statistics."


182

Ⅲ　Appendices

Supplement Fiscal C


utstandings

[Reference]OutstandingAmount

End ofFY2008

End ofFY2009

End ofFY2010

End ofFY2011

End ofFY2012

End ofFY2013

End ofFY2014

End ofFY2015

End ofFY2016

End of2017（QE）

0

200

400

600

800

1,000

1,200

Others

Households

Overseas

Pension Funds

Life and Non-life insurance, etc.

Banks, etc.

Bank of Japan

Fiscal Loan Fund

Public Pension

General Government(ex Public Pension)

364

276

212 207 206

30

122

410

361

162 177193

2762

77

82

117

122014

13 12 12

21 4 4

65 74 78 89 128201

427 449

8048

359

224143154

32

30

13

54 46

275

394405 420

329

211

195200

2528

29

3234

34

5646

8198

110

3534

27 2320

16

12

1316

1821

16

76 72 69 6952

9

1816 28 17 66

1 1 1 40 0 0

17 23 3

13

34

（trillion yen）

[Reference]Share

0

10

20

30

40

50

60

70

80

90

100

End ofFY2008

End ofFY2009

End ofFY2010

End ofFY2011

End ofFY2012

End ofFY2013

End ofFY2014

End ofFY2015

End ofFY2016

End of2017（QE）

1

8

45

18

3

7

42

2

10

09

41

47 45 4236

3226

21 19

0

0 0

46

2 2 2 2 21 1 1 1

18 18 19 20 19 19 20 19 19

910 13

2026 34

39

2 3

9 74 4

0

0 0 0

2 2

87 7

25 5

0 0

2 0 0

8 9 10 11 11

4 3 3 2 2 21 1 1

3 3 3 3 3 3 3 3 3

6 7 8 8

（％）

Others

Households

Overseas

Pension Funds

Life and Non-life insurance, etc.

Banks, etc.

Bank of Japan

Fiscal Loan Fund

Public Pension

General Government(ex Public Pension)


183



ebt Outstandings

(16) Balance Sheet of Japanese Government (General Account and Special Accounts) (as of the end of FY2016)(Unit: million yen)

FY2015(as of March 31, 2016)

FY2016(as of March 31, 2017)

FY2015(as of March 31, 2016)

FY2016(as of March 31, 2017)

<Assets> <Liabilities>

Cash and deposits 52,267,723 55,239,666 Accounts payable 10,146,649 10,343,737

Securities 124,763,559 119,868,932 Reserves claims 299,438 289,069

Inventories 4,446,127 4,285,405 Accrued liabilities 1,336,789 1,250,770

Accounts receivable 5,811,622 5,611,738 Money in custody 766,352 906,814

Accrued income 742,119 687,191 Advance received 56,046 53,264Accrued insurance premiums (Accrued reinsurance premiums) 4,702,633 4,736,879 Deferred revenues 1,816 4,062

Prepaid expenses 3,056,691 1,914,748 Prepaid insurance premiums (Prepaid reinsurance premiums) 134,866 130,116

Loans 116,203,995 115,550,240 Allowance for bonus payment 308,403 316,794

Money in trust 106,565,114 109,111,900 Financing bills 86,382,309 84,660,527

Other credits 3,097,927 3,221,957 Government bonds 917,473,470 943,279,091

Allowance for doubtful ▲ 1,920,054 ▲ 1,764,461 Borrowings 29,882,130 30,764,461

Tangible fixed assets 180,465,316 181,560,281 Money on deposit 5,565,434 6,546,038

National property 29,311,962 29,855,770 Liability reserves 9,740,999 9,698,894

Land 17,100,367 17,430,133 Deposit reserved for the public pension 115,868,808 118,776,820

Unfilled timber 2,887,795 2,943,594 Allowance for retirement benefits 7,684,557 7,215,820

Buildings 3,368,144 3,383,429 Other liabilities 7,515,598 7,387,103

Structures 2,839,964 2,733,065

Machinery and Equipment 0 0

Ships 1,373,484 1,431,465

Aircraft 599,099 715,630

Construction in progress 1,143,105 1,218,452

Public property 149,102,248 149,714,932

Property for public use (land) 39,453,220 39,658,807

Property for public use (facilities) 109,281,657 109,624,055

Construction in progress 367,371 432,070

Commodities 2,023,771 1,963,522

Other tangible assets 27,334 26,055 Total liabilities 1,193,163,673 1,221,623,389

Intangible fixed assets 249,497 264,985 <Difference between assets and liabilities>

Investments 71,907,631 72,452,450 Difference between assets and liabilities ▲ 520,803,766 ▲ 548,881,473

Total assets 672,359,907 672,741,915 Total liabilities and difference between assets and liabilities 672,359,907 672,741,915

Note 1: Cash and deposits (55.2 trillion yen at the end of FY2016) take into account receipts and disbursements of cash during the "accounting adjustment term" (As of the end of FY2016, the actual balance of government deposits in the Treasury was 21.8 trillion yen and foreign currency deposits was 13.4 trillion yen).

Note 2: Assets held by the government is largely to use for public purposes directly such as public property, and basically not to sell or change into cash.Note 3: Government bonds in the liabilities (943.3 trillion yen at the end of FY2016) include government bond balance such as in Special Account for Fiscal Investment and

Loan Program besides general bonds (839.2 trillion yen) that will basically be the future burden on public, and cancel out bonds internally held by the government.


184

Ⅲ　Appendices

Supplement Fiscal C


utstandings

(Unit: billion yen)

General Government　 Central Government Local Governments Social Security funds

Assets Liabilities Assets Liabilities Assets Liabilities Assets LiabilitiesCurrency and deposits 91,276.0 30,755.7 39,126.6 21,393.7

Currency 0.7 0.7 0.0Government deposits 15,474.5 15,474.5Transferable deposits 29,062.6 1,543.9 13,077.1 14,441.6Time and savings deposits 18,591.0 535.0 12,699.5 5,356.5Certificates of deposits 15,166.1 376.1 13,194.4 1,595.6Foreign currency deposits 12,981.1 12,825.5 155.6

Deposits with the Fiscal Loan Fund 22,110.7 648.2 21,462.5Loans 23,760.5 155,425.3 11,987.9 53,593.5 7,683.8 100,001.3 4,088.8 1,830.5

Call loans and bills 6.5 6.5Loans by private financial institutions 62,117.5 28,016.1 33,689.6 411.8

Loans to companies and governments 62,117.5 28,016.1 33,689.6 411.8

Loans by public financial institutions 89,701.1 24,795.1 64,878.3 27.7Loans by the nonfinancial sector 23,700.2 2,724.8 11,987.9 782.3 7,630.0 551.5 4,082.3 1,391.0Repurchase agreements and securities lending transactions 53.8 881.9 0.0 0.0 53.8 881.9 0.0 0.0

Debt securities 81,336.4 1,066,239.9 803.3 992,009.3 8,994.6 74,230.6 71,538.5Treasury discount bills 2.4 104,182.9 2.4 104,182.9 0.0Central government securities and FILP bonds 49,261.9 887,790.9 297.6 887,790.9 2,110.1 46,854.2

Local government securities 11,858.1 73,552.8 154.3 3,740.3 73,552.8 7,963.5Public corporation securities 11,869.7 35.5 176.5 35.5 2,995.7 8,697.5Bank debentures 476.5 58.9 148.5 269.1Industrial securities 7,485.5 101.9 0.0 7,383.6External securities issued by residents 4.4 677.8 677.8 4.4Commercial paper 0.5 0.5Trust beneficiary rights 372.8 11.7 0.0 361.1Structured-financing instruments 4.6 4.6

Equity and investment fund shares 125,890.5 14,408.4 38,886.8 13,034.7 31,797.9 1,263.5 55,205.8 110.2Equity 125,728.8 14,408.4 38,886.8 13,034.7 31,742.7 1,263.5 55,099.3 110.2

Listed shares 54,352.5 448.3 438.5 53,465.7Unlisted shares 14,544.2 18.3 10,082.6 18.3 4,461.4 0.2Other equity 56,832.1 14,390.1 28,355.9 13,016.4 26,842.8 1,263.5 1,633.4 110.2

Investment trust beneficiary certificates 161.7 0.0 55.2 106.5

Financial derivatives and employee stock options 5.6 177.3 5.6 177.3

Forward-type instruments 5.6 177.3 5.6 177.3Deposits money 8,765.3 4,629.9 2,975.3 6.7 12.7 5,790.0 4,610.5Trade credits and foreign trade credits 698.5 18,168.2 500.0 2,096.6 198.5 8,437.1 7,634.5Accounts receivable/payable 10,737.4 14,191.3 3,914.2 12,462.4 322.5 53.9 6,500.7 1,675.0Outward investment in securities 191,095.9 118,565.6 72,530.3Other external claims and debts 12,443.4 2,440.0 12,443.4 2,440.0

Of which: gold and SDRs etc. 3,517.4 1,970.7 3,517.4 1,970.7Others 6,233.2 8,561.0 2,616.4 8,561.0 1,148.6 2,468.2Difference between financial assets and liabilities (Assets and Liabilities) -709,887.9 -860,279.1 -94,726.6 245,117.8

Total 574,353.4 574,353.4 224,102.4 224,102.4 89,272.5 89,272.5 260,978.5 260,978.5(Source: Bank of Japan "Flow of Funds")

(17) Financial Assets and Liabilities of General Government (Central Government, Local Government and Social Security fund) (End of Dec, 2017(Preliminary Figures))


185



ebt Outstandings

(18) International Comparison of General Government Financial Balance to GDP

(Note 1) Figures represent the general government-based data (including the central/local governments and the social security funds), except for Japan and the U.S. where the figures of the social security funds are excluded.

(Note 2) Figures for Japan are adjusted to exclude special factors.(Source) Based on the data included in “Economic Outlook 102” issued by the OECD in November 2017, and not reflecting the data for the budget for FY2018

0

5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Japan

Italy

Canada

France

Germany

United Kingdom

United States

(%)

▲5

▲10

0

5

▲15

Dec. 2018Japan ▲ 3.8

United States —United Kingdom ▲ 2.1

Germany 1.5France ▲ 2.8

Italy ▲ 1.6Canada ▲ 1.4


186

Ⅲ　Appendices

Supplement Fiscal C


utstandings

(19) International Comparison of General Government Gross Debt to GDP

(20) International Comparison of General Government Net Debt to GDP

(Note) Figures represent the general government-based data (including the central/local governments and the social security funds).(Source) Based on the data included in “World Economic Outlook Database” issued by the IMF in April 2018, and not reflecting the data for the budget for FY2018

0

30

60

90

120

150

180

210

240

270

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

（％）

Japan

Italy

Canada

France

Germany

United Kingdom

United States

Dec. 2018Japan 236％

United States 108％United Kingdom 86％

Germany 60％France 96％

Italy 130％Canada 87％

(Note) Figures represent the general government-based data (including the central/local governments and the social security funds).(Source) Based on the data included in “World Economic Outlook Database” issued by the IMF in April 2018, and not reflecting the data for the budget for FY2018

0

25

50

75

100

125

150

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

（％）

Japan

Italy

Canada

France

Germany

United Kingdom

United States

Dec. 2018Japan 153％

United States 81％United Kingdom 77％

Germany 42％France 87％

Italy 118％Canada 27％


187

<KOKUSAI SENSEI>

<Yearbook of the Government

Debt Statistics> <Newsletters>

<Leaflets>

[Webpage on JGB-related publications] https://www.mof.go.jp/jgbs/publication/index.htm

<Posters>

Poster explaining financial instruments

Poster advertising public offering

【Reference】 JGB-related Advertisements and Publications

(JGB Teacher)

[Webpage on JGBs for Retail Investors] https://www.mof.go.jp/jgbs/individual/kojinmuke/index.html


Documents

Supplement Fiscal Conditions and Debt Outstandings · Transfer fund equivalent to income from Special Account for Social Infrastructure Improvement 82.5 81.6 0.9 Transfer fund needed