Japan’s unaccounted financial statement

Japan’s Overlooked Public Assets

Japan’s massive public debt, estimated at ¥1,400 trillion (approximately $9–10 trillion), is a constant focus in fiscal policy discussions. However, the nation’s substantial holdings of public commercial assets—such as real estate, infrastructure, government-owned enterprises, and financial institutions—receive far less attention. Despite being among the largest asset portfolios in the developed world, these resources are rarely considered in debates about fiscal health, economic stimulus, or structural reform.

This creates a skewed perspective on Japan’s public finances, where liabilities are heavily scrutinized while valuable assets remain largely ignored. Such an imbalance in analysis has significant implications for understanding the country’s true fiscal position.