The Japanese government's debt exceeded its assets by a record amount in the fiscal year that ended in March last year. This was due partly to the issuance of government bonds to fund a massive extra budget.
The Finance Ministry said on Friday that the country's assets had grown to over 740 trillion yen, or about 5 trillion dollars, as of the end of fiscal 2022.
This includes the value of infrastructure like roads, and also securities. A weaker Japanese currency pushed up the value of dollar-denominated securities when calculated in yen.
The ministry said at the same time liabilities increased to almost 10 trillion dollars.
The government issued new bonds to provide funds to cover a supplementary budget that includes measures to support economic growth.
As a result, Japan's negative net worth grew to a record 702 trillion yen, or roughly 4.7 trillion dollars.
For fiscal 2022, the government's budget deficit was over 32 trillion yen, or about 217 billion dollars. That's an improvement of about 20 percent in yen terms from the previous fiscal year. But it's still above pre-pandemic levels.