Japan JP: General Government: Net Financial Liabilities

Japan JP: General Government: Net Financial Liabilities data was reported at 828,064.967 JPY bn in 2025. This records an increase from the previous number of 807,227.576 JPY bn for 2024. Japan JP: General Government: Net Financial Liabilities data is updated yearly, averaging 167,966.675 JPY bn from Dec 1970 to 2025, with 56 observations. The data reached an all-time high of 828,064.967 JPY bn in 2025 and a record low of -12,350.181 JPY bn in 1974. Japan JP: General Government: Net Financial Liabilities data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Japan – Table JP.OECD.EO: Government Accounts: General Government: Forecast: OECD Member: Annual. GNFL-General government net financial liabilities Consolidated, current prices, domestic currency; Japan publishes only non-consolidated SNA debt. For international comparability reasons, OECD adjusts the gross financial liabilities by excluding four items: 1) the amount of treasury discount bills held as assets by the general government units, 2) the amount of central government securities and FILP bonds held as assets by general government entities (excluding FILP bonds detained by the Government Pension Investment Fund), 3) the amount of local government securities held as assets by general government entities, and 4) the amount of equities listed on the liability side of the accounts. The rationale for the first three adjustments is to avoid using fictitiously inflated gross liabilities due to cross-holding. It is akin to a simplified consolidation of these accounts. The fourth adjustment aims at excluding capital issued by some local public institutions, e.g. water and sewage companies, as part of this equity is detained by government units and, for the rest, as equity is, by definition, not a real liability for these entities. As regards net financial liabilities, it is simply equal to total gross liabilities minus total gross assets. For Japan, both gross and net financial liabilities include the debt of the Japan Railway Settlement Corporation and the National Forest Special Account from 1998 onwards and the debt of the Japan Highway Corporation from 2005 on.

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