Fiscal Soundness Issues to Be Addressed after Overcoming Deflation

-The Key Will Be Reform of Government Expenditures on Social Security

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The primary balance of Japan’s national and local government accounts have been in deficit since the first half of the 1990s, and, since fiscal 2009, the deficits have expanded significantly. Accompanying this, the long-term debt of national and local governments is expanding rapidly, and the ratio of outstanding debt on a government general account basis to GDP, including social security funds, is at the highest level among the industrialized countries.