In 2022, household debt in Japan accounted for 68.4 percent of the gross domestic product (GDP). The share increased from 68 percent in the previous year.
Household debt
Total household financial liabilities rose to around 382.9 trillion Japanese yen in the second quarter of 2023, most of which comprised housing loans. A distribution of financial liabilities held by multi-person households revealed that loans taken out for the purchase of homes and land were the primary reason for an increase in the average amount of liabilities per household in recent years. The average amount of financial liabilities per multi-person household decreased proportionally with increasing age: household debt reached the highest levels among households with a household head aged below 40 years, while households headed by over 70-year-olds reported the lowest amount of outstanding debt.
Regional disparities
A closer look at the geographical distribution of household debt revealed large disparities across different regions in the country: at 6.65 million yen, financial liabilities per multi-person household were highest in the Kanto region, which is home to Japan’s capital Tokyo where a large proportion of the Japanese workforce is concentrated. At the same time, the average household debt in Okinawa, the southernmost region of Japan, was 4.32 million yen.
Household debt as a share of the gross domestic product (GDP) in Japan from 2013 to 2022
Characteristic
Household debt as a share of GDP
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Bank for International Settlements. (September 7, 2023). Household debt as a share of the gross domestic product (GDP) in Japan from 2013 to 2022 [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1241908/japan-household-debt-share-gdp/
Bank for International Settlements. "Household debt as a share of the gross domestic product (GDP) in Japan from 2013 to 2022." Chart. September 7, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1241908/japan-household-debt-share-gdp/
Bank for International Settlements. (2023). Household debt as a share of the gross domestic product (GDP) in Japan from 2013 to 2022. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1241908/japan-household-debt-share-gdp/
Bank for International Settlements. "Household Debt as a Share of The Gross Domestic Product (Gdp) in Japan from 2013 to 2022." Statista, Statista Inc., 7 Sep 2023, https://www.statista.com/statistics/1241908/japan-household-debt-share-gdp/
Bank for International Settlements, Household debt as a share of the gross domestic product (GDP) in Japan from 2013 to 2022 Statista, https://www.statista.com/statistics/1241908/japan-household-debt-share-gdp/ (last visited August 24, 2024)
Household debt as a share of the gross domestic product (GDP) in Japan from 2013 to 2022 [Graph], Bank for International Settlements, September 7, 2023. [Online]. Available: https://www.statista.com/statistics/1241908/japan-household-debt-share-gdp/