Public Debt: 170% of GDP (2005 est.) For comparison, USA- 65% of GDP
Oil - production: 120,700 bbl/day (2003 est.)
Oil - consumption: 5.578 million bbl/day (2003 est.)
65 years and over: 20% of population (2006 est.)
For comparison, Canada- 13.3%; USA - 12.5%
Taxes are increasing:
The government has decided to dedicate revenue from the consumption tax toward financing rising pension, medical and other social security costs, according to sources.
The plan is aimed at gaining public support for raising the 5 percent tax, they said. A hike is considered necessary to reconstruct the government's finances.
Experts say the consumption tax should be raised to more than 10 percent to meet those costs.
Many economists say that the economy is coming out of a slump but I fear that it will be short-lived as oil prices rise and the population ages. The Japanese youth of today are in for some tough times ahead.