Japanese Deficits and DebtPanel (a) shows the budget deficit of Japan as a percentage of GDP since 1990 and panel (b) shows its debt–GDP ratio. The large deficits that the Japanese government began running in the early 1990s have led to a rapid rise in its debt–GDP ratio as debt has grown more quickly than GDP. This has led some analysts to express concern about the long-run fiscal health of the Japanese economy.
Source: International Monetary Fund.