Japan’s growing mortgages lift household debt above income #JapanFinance

TOKYO — Japan’s household debt is outpacing income amid surging home prices, raising concern about the ability of borrowers to keep up with payments as the Bank of Japan considers further rate increases.

Liabilities held by households of two or more averaged 6.55 million yen ($43,500) in 2023, topping the average annual income of 6.42 million yen for the first time in data going back to 2002, according to the internal affairs ministry’s Family Income and Expenditure Survey.