Japan - Government Budget Balance

Japan: Government Budget Balance

Unit Bil. JPY
Undefined 39.54 %
Data 31 Mar 2021 -32,576
31 Mar 2020 -53,877

Series Information

Source Economic and Social Research Institute - Japan
Release General Government Operation
Frequency Annual (March)
Start Date 3/31/1994
End Date 3/31/2021

Japan: Government

Reference Last Previous Units Frequency
Outstanding Public Debt Jan 2023 12,667,450 12,569,992 100 Mil. JPY, NSA Monthly
Outstanding Public Debt - Domestic Jan 2023 10,723,510 10,626,907 100 Mil. JPY, NSA Monthly
Outstanding Public Debt - Foreign Jan 2023 0 0 100 Mil. JPY, NSA Monthly
Gross External Debt 2022 Q4 190,865 197,571 Bil. JPY, NSA Quarterly
Government Budget Balance 31 Mar 2021 -32,576 -53,877 Bil. JPY 365 days
Government Revenues 31 Mar 2021 209,204 197,844 Bil. JPY 365 days

Release Information

General Government data compiled by the CAO covers the complete general government (GG) sector. Central government covers general account and part of special accounts of the state; and part of government-affiliated corporations, government-authorized corporations and independent administrative institutions. Local government covers ordinary accounts and business accounts of local governments, property ward accounts etc. Social security fund covers part of special insurance accounts of the state (public pension, employment insurance, etc.); medical benefits and long-term care service accounts of health insurance societies; public employee mutual aid associations, etc.

Among general government transactions recorded in Income and Outlay Accounts and Capital Finance Accounts, incomes include taxes on production and imports; property income (receivable); current taxes on income, wealth, etc.; social contributions; other current transfers (receivable), etc. Outlays include property income (payable), social benefits other than social transfers in kind, other current transfers (payable), etc. Capital transactions include gross fixed capital formation, consumption of fixed capital, changes in inventories, net purchase of land, capital transfers, etc.


For the classification by economic activity, general government is not only a producer of government services but also a market producer in some cases. In Japan's national accounts, however, all general government conducts are regarded as government services.

General government transactions are classified by type of transactions under Income and Outlay Accounts and Capital Finance Accounts following the accounting system of the 2008 SNA. General government expenditures are also classified by purpose according to the classification of the functions of government (COFOG) in the 2008 SNA.

Source data collection programs

Source data are administrative records or financial data of the organizations concerned.

The data for central government are based on financial settlements of the government and financial statements of the relevant agencies, etc. The data for local government are based on "the Statistical Annual Report on Local Finance", "the Yearbook of Local Public Enterprises" (Both are published by the Ministry of Internal Affairs and Communications), etc. The data for social security fund are based on financial statements of each social security fund.

Source data definitions, scope, classifications, valuation, and time of recording

Some source data are not consistent with the definitions, classifications, and requirements of the national accounts, and they are adjusted before used in the compilation.

Source data timeliness

Timeliness of source data receipt is broadly satisfied. But in some cases, and in particular for the first estimate of the annual accounts, timeliness is lagging. In such cases, estimates are based on approximations, related indicators, trend extrapolation, etc. using as much information as is available.

Statistical presentation

Data are presented on general government operations in billions of Japanese yen and cover the operations of the central government, local governments and social security funds. 

Data for the prescribed components are not presented directly, but can be derived from the Income and Outlay Accounts and the Capital Finance Accounts for the general government sector in the national accounts as follows:

  • Revenue = total receipt minus current transfers within general government; plus capital transfers (receivable); plus savings, net.
  • Expenditure = total payment minus current transfers within general government; minus saving, net; plus gross fixed capital formation less consumption of fixed capital; plus purchases of land, net; changes of inventories.
  • Balance, Deficit (-)/Surplus (+) = Net lending (+) / net borrowing (-).
  • Discrepancy = difference between Net lending (+) / net borrowing (-) and Net lending (+) / net borrowing (-) (financial surplus or deficit).
  • Financing = Net lending / net borrowing (-) (financial surplus or deficit).

The breakdown of financing is by type of debt instrument and can be derived from national accounts data as follows:

  • Bonds, Long-term (net) = securities other than shares (except financing bills), net.
  • Bills and Bonds, Short-term (less than a year) (net) = financing bills, net.
  • Loans by the public sector = Loans by the public sector, net.
  • Other, net = loans by the private sector; plus monetary gold and SDR, net; plus currency and deposits, net; plus shares and other equities, net; plus financial derivatives, net; plus insurance and pension reserves, net; plus other financial assets and liabilities, net.

The revision cycle is stable from year to year. Except for the benchmark revisions which take place every fifth year, the annual estimates become final with the second release about 21 months after the reference fiscal year.

At the time of data release, it is clearly stated whether released data are first or revised estimates. When revisions outside the regular cycle are made, they are explained in the published materials and on the ESRI website "Notice on Usage".

Major reasons for revisions are explained in "Notice on Usage" on the ESRI website.

The general government operations data is in fiscal year (April to March).