Japanese Public Debt: PM Says Economic Conditions Worse Than Greece

Japanese Prime Minister Shigeru Ishiba has rejected calls for tax cuts, stating that Japan’s economic conditions are worse than those of Greece. According to Bloomberg, Ishiba expressed his disagreement with the idea of funding tax breaks through Japanese government bonds and warned about the risks associated with rising borrowing costs. ‘The cost of our social security is also increasing,’ Ishiba said in response to questions from an opposition party member in parliament. ‘We cannot agree with the idea of financing tax breaks through government bonds.’ It is noted that Japan’s public debt stands at 236% of GDP, while Greece’s public debt amounts to 163% of GDP.