Table: What Lies Beneath

Zaito's "shadow budget" has funneled $3.4 trillion in postal savings and insurance money into dubious state ventures:

Japan Highway Public Corp.

Wants $200 billion to finish underused highway system; owes $226 billion

Honshu-Shikoku Bridge Authority

Runs six expensive, underused bridges; owes $34.6 billion, 48 times operating income

Japan National Oil Corp.

Explores for oil outside Japan; owes $21 billion

Housing Loan Corp.

Finances half of Japan's home mortgages; holds over $6.2 billion in bad loans

Data: Dresdner Kleinwort Wasserstein Research

Before it's here, it's on the Bloomberg Terminal.