deficit

Japanese Government To Sell Off Gold Coins

Now here's a way to reduce public debt. Reuters reports that Japan's Ministry of Finance will auction off gold coins from its collection online next February. Nearly 2,500 coins will be sold on a Yahoo Japan Corp. site from February 3-19. The Ministry of Finance has around 32,683 modern gold coins and plans to sell them off by March 2008. An auction of 1,037 coins in October brought in around $4.83 million for the public coffers. The money goes to the government's general account budget and though it is a drop in the bucket it sell helps bring down Japan's looming mountain of debt.

Tags: debt, deficit, gold, gold coins, japanese