Bankruptcies, Suicides Rise as Japanese Struggle With Mounting Debt
- Household debt exceeded income for first time ever in 2023
- Japanese have been accustomed to years of rock-bottom rates
This article is for subscribers only.
Personal debt is overwhelming an increasing number of Japanese as higher interest rates and the rising cost of living bite.
Consumer loans are rising at the highest rate in 16 years. Household borrowing exceeded incomes for the first time last year. And government officials are worried that many people accustomed to rock-bottom rates will struggle with their mounting loans.