REFILE-Japan MOF to seek record debt-servicing costs in FY2014/15 -document

Tue Aug 27, 2013 1:06am EDT

TOKYO Aug 27 (Reuters) - Japan's Finance Ministry will request a record 25.3 trillion yen ($257 billion) in debt-servicing costs under its fiscal 2014/15 budget, up 13.7 percent from the amount set aside for this year, a document obtained by Reuters showed on Tuesday.

The decision, aimed at guarding against any future rise in long-term interest rates, underscores the increasing cost Japan must pay to finance its massive public debt.

The country's debt is double the size of its $5 trillion economy and is the biggest among major industrialised nations.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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