The transition to positive rates means Japan may need to re-examine its huge public debt burden, argues Sayuri Shirai
Japan’s outstanding general government debt has reached about 250% of its GDP – an extraordinarily high level even by global standards. For comparison, the figure for Greece is roughly 170%, the second highest. Despite this size, Japan has never experienced a so-called ‘default’ or ‘fiscal crisis’ since about 1950. The issue of ballooning government debt rarely sparks major debate in Japan’s Diet [parliament] or among the public. But there are pressures related to the large issuance of Japanese
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