fbpx
Wikipedia

National debt of Japan

February 16, 2024

As of March 2023, the Japanese public debt is estimated to be approximately 9.2 trillion US Dollars (1.30 quadrillion yen), or 263% of GDP,[1] and is the highest of any developed nation.[2][3][4][5] 43.3% of this debt is held by the Bank of Japan.[6]

Japan national debt to GDP

Japan's asset price bubble collapse in 1991 led to a prolonged period of economic stagnation described as the 'Lost Decades', with GDP falling significantly in real terms through the 1990s.[7] In response, the Bank of Japan set out in the early 2000s to encourage economic growth through the non-traditional policy of quantitative easing.[8][9] By 2013, Japanese public debt exceeded one quadrillion yen (US$10.46 trillion), which was about twice the country's annual gross domestic product at that time, and already the largest debt ratio of any nation.[10][11][12][13]

The public debt of Japan has continued to rise in response to a number of challenges, including but not limited to the Great Recession in 2008, the Tōhoku earthquake and tsunami and Fukushima nuclear disaster in 2011, and the COVID-19 pandemic in between January 2020 and October 2021, (which also held ramifications for Tokyo's hosting of the 2020 Summer Olympics). In August 2011, Moody's rating cut Japan's long-term sovereign debt rating by one notch to Aa3 from Aa2 in line with the size of the country's deficit and borrowing level. The large budget deficits and government debt since the 2008-09 global recession and the Tohoku earthquake and tsunami in March 2011 contributed to the ratings downgrade. In 2012, the Organisation for Economic Co-operation and Development (OECD) Yearbook editorial stated that Japan's "debt rose above 200% of GDP partly as a consequence of the tragic earthquake and the related reconstruction efforts."[14] Former Prime Minister Naoto Kan called the situation "urgent" due to the ballooning debt.[15][13]

Addressing public debt edit

In order to address the Japanese budget gap and growing national debt, the Japanese National Diet, at the urging of Prime Minister Yoshihiko Noda of the Democratic Party of Japan (DPJ), passed a bill in June 2012 to double the national consumption tax to 10%.[16] This increased the tax to 8% in April 2014.[17] The originally scheduled 10% tax increase to be implemented in October 2015 was delayed until at least October 2019.[18] The final increase to 10% was implemented on October 1, 2019.[19] The goal of this increase was to halt the growth of the public debt by 2015, although reducing the debt would require further measures.[20] The DPJ subsequently lost control of the Diet in late 2012, and Noda's successor Shinzo Abe of the Liberal Democratic Party implemented the "Abenomics" program, which involved an additional 10.3 trillion yen of economic stimulus spending to balance out the negative impact of the consumption tax increase on economic growth.[20]

Abenomics led to rapid appreciation in the Japanese stock market in early 2013 without significantly impacting Japanese government bond yields, although 10-year forward rates rose slightly.[21] Around 70% of Japanese government bonds are purchased by the Bank of Japan, and much of the remainder is purchased by Japanese banks and trust funds, which largely insulates the prices and yields of such bonds from the effects of the global bond market and reduces their sensitivity to credit rating changes.[22] Betting against Japanese government bonds has become known as the "widowmaker trade" due to their price resilience even if fundamental analysis indicates the contrary should be true.[21]

Notwithstanding the stability of the market for Japanese government debt, the cost of servicing Japan's public debt uses up half of the state's tax revenues, and the cost of importing energy in the wake of the 2011 Fukushima disaster has also negatively impacted Japan's longstanding current account surplus.[20]

History edit

In 1944, during the Pacific War, the amount of governmental debt exceeded national income  [jp] by 260%.[23]

In 1947, during postwar economic chaos, the amount of bonds the government issued exceeded tax revenue. Later, it was thought that this was the root cause of postwar inflation, and the Japanese government enacted the Public Finance Act of Japan in response. The act established a balanced fiscal policy by prohibiting: 1) the issuance of government bonds to cover national debt, and, 2) the Bank of Japan from buying government bonds. Since the establishment of the 1955 System, the amount of held valuable securities in the bank – especially national bonds – had risen significantly. However, the 1965 budget issued 259 billion yen in deficit-covering bonds, and the next year's budget in 1966 allotted 730 billion yen in construction bonds.[24] By 1990, the government did not issue a national bond due to the Japanese asset price bubble. Bonds were issued again in 1994, and have been issued every year since.

In 1995 (Heisei 9), Masayoshi Takemura, the former finance minister, declared the Declaration of Fiscal Crisis by issuing deficit-covering bond with higher frequency.[25]

National bond issuing and economic policy edit

 
Japan bonds
Inverted yield curve in 1990
Zero interest-rate policy started in 1995
  30 year
  20 year
  10 year
  5 year
  2 year
  1 year
 
Japan money supply and inflation (year over year)
  M2 money supply
  Inflation
 
Japanese Bond Market
Negative interest rates started in 2014
  40 year bond
  10 year bond
  5 year bond
  1 year bond
  1 month bond

During the Japanese asset price bubble of the late 1980s, revenues were high due to prosperous conditions, Japanese stocks profited, and the amount of national bonds issued was modest. With the breakdown of the economic bubble came a decrease in annual revenue. As a result, the amount of national bonds issued increased quickly. Most of the national bonds had a fixed interest rate, so the debt to GDP ratio increased as a consequence of the decrease in nominal GDP growth due to deflation.

The growth of annual revenue was slowed down by the prolonged depression.[26] Consequently, the governments started issuing additional national bonds to cover the interest payments. This national bond is called renewal national bond. As a result of issuing these bonds, the debt is not actually repaid, and the amount of bonds issued continued to grow. Japan has continued to issue bonds to cover the debt since the asset price bubble collapse.

There was the phase that opportunity to act austerity policy rose when the fear for return (repayment) principal of interest was close-upped at any trouble happened. But, the policy was acted, that was the inadequate fiscal action by the government and bring finance under control by the Bank of Japan, when critical recession caused by austerity policy and others. There was the opinion that suggested a fear for general situation of the economic structure, that the Japanese economy experienced deflation caused by globalization and the growing international competition.[27][28] These factors steered the direction of Japanese economic policy, hence, the perceived harmful impact to the economic strength of the country.

With the above-mentioned view point from the mobilizing of finances by the government or the action to monetary squeeze by the BOJ, or, from the view point that it has been deflation recession caused by long termed low demand, there are criticisms that it also cause an effect hurt power of economy the tend to promote structural reform  [jp] increase efficiency of supply side. On the other hand, there are following suggestions for that criticisms:

See also: jp:デフレーション § 平成のデフレ不況

Direct purchase of government bonds by Bank of Japan edit

A policy was planned and enacted in which the national central bank would directly buy the national bonds.

Economist Kazuhito Ikeo stated, "Quantitative easing and debt monetization are different from each other. We must not assume they are the same just because both involve the Bank of Japan buying government bonds. 'Lending money' is clearly different from 'giving money', but we just see the money move from one place to another, and they look exactly the same in that aspect.[34]

The Public Finance Act edit

The Public Finance Act prohibits the Bank of Japan from buying government bonds directly.[35] Nevertheless, according to the provision, it is allowed to buy when the National Diet approves the bill. These regulations result from reflection that the Bank of Japan brought about violent inflation by their public bond purchases during the period from before to just after the War.[36][37]

See also edit

References edit

  1. ^ "Analysis: Japan's debt time bomb to complicate BOJ exit path". Reuters. Retrieved 2023-02-10.
  2. ^ "Central Government Debt(As of March 31, 2023)". Ministry of Finance. 2023-05-10. Retrieved 2023-05-27.
  3. ^ One, Mitsuru. "Nikkei: How the world is embracing Japan style economics". Nikkei.
  4. ^ O'Neill, Aaron. "Japan: National debt from 2016 to 2026". Statista.
  5. ^ Martinčević, Irena. "Visualizing the State of Government Debt Around the World (Update, 2021)". Howmuch.net.
  6. ^ "Breakdown by JGB and T-Bill Holders (Mar. 2022, Preliminary Figures)" (PDF). Ministry of Finance. Retrieved 2022-10-25.
  7. ^ "Japanese GDP, nominal".
  8. ^ Sean, Ross. "The Diminishing Effects of Japan's Quantitative Easing". Investopedia. Retrieved 2021-06-01.
  9. ^ Oh, Sunny. "Here's a lesson from about the threat of a U.S. debt crisis". MarketWatch.
  10. ^ "Japan's Debt About 3 Times Larger Than ASEAN's GDP". August 10, 2013. from the original on August 13, 2013. Retrieved August 13, 2013.
  11. ^ Schwartz, John (11 August 2013). "Japan's debt looks like this: 1,000,000,000,000,000 yen". New York Times. from the original on 7 January 2014. Retrieved 7 January 2014.
  12. ^ "Japan's latest economic stimulus exposes its dirty debt secret". Fortune. from the original on June 14, 2018. Retrieved Apr 9, 2020.
  13. ^ a b "Forget Greece, Japan is the world's real economic time bomb". Fortune. from the original on November 10, 2019. Retrieved Apr 9, 2020.
  14. ^ Gurria, Angel. "Towards a positive legacy of a terrible crisis". OECD. from the original on May 11, 2018. Retrieved May 10, 2018.
  15. ^ "Kan warns of Greece-like debt crisis". Japan Today. 11 June 2010. from the original on November 16, 2018. Retrieved Apr 9, 2020.
  16. ^ Asahi Shimbun UPDATE: Lower House passes bills to double consumption tax 2013-06-22 at the Wayback Machine Retrieved on July 4, 2012
  17. ^ Daily Yomiuri website Lower house OK's tax hike bills / 57 DPJ lawmakers rebel against vote; Ozawa 'studying various options' 2012-06-30 at the Wayback Machine Retrieved on July 4, 2012
  18. ^ The Japan Times, "Abe's consumption tax decision" 2016-09-11 at the Wayback Machine. Retrieved on August 28, 2016
  19. ^ Tateno, Masaharu; Tsunashima, Yuta; Akiyama, Hiroyuki (October 1, 2019). "Japan raises consumption tax to 10%". Nikkei. from the original on March 4, 2020. Retrieved April 7, 2020.
  20. ^ a b c "Don't mention the debt". The Economist. 4 May 2013. from the original on 9 January 2014. Retrieved 7 January 2014.
  21. ^ a b Barley, Richard (18 February 2013). "Japan's Relentless Bonds". Wall Street Journal. from the original on 21 May 2015. Retrieved 7 January 2014.
  22. ^ Grimes, William (6 October 2011). "Japan's Debt Challenge". NBR. from the original on 7 January 2014. Retrieved 7 January 2014.
  23. ^ 真壁, 昭夫 (1 July 2014), "終戦直後のような預金封鎖は本当に起きるのか? 国民に浸透した「超財政悪化不安」の現実味と対策", ダイヤモンド・オンライン, from the original on 7 November 2017, retrieved 31 October 2017
  24. ^ 栗原, 昇 (2010). ダイヤモンド社 (ed.). 図解 わかる! 経済のしくみ (new ed.). ダイヤモンド社. p. 110).
  25. ^ , 滋賀報知新聞, 16 November 2011, archived from the original on 29 April 2014, retrieved 31 October 2017
  26. ^ 一般会計税収の推移, from the original on 2012-10-26, retrieved 2017-11-03
  27. ^ 野口, 旭 (30 June 2004), "野口旭の「ケイザイを斬る！」 第7回 改革批判の過去と現在", Hotwired Japan ALT BIZ[dead link]
  28. ^ 野口, 旭 (30 June 2004), "野口旭の「ケイザイを斬る！」 第8回 開かれた社会とその宿命", Hotwired Japan ALT BIZ[dead link]
  29. ^ Krugman, Paul (2000), "流動性のわなと日本のマクロ経済政策―問題提起", in 通商産業研究所編集委員会（編著） (ed.), マクロ経済政策の課題と争点 吉川洋, 東洋経済新報社
  30. ^ Krugman, Paul (2010-10-28), Friedman on Japan, from the original on 2018-02-07, retrieved 2018-02-06
  31. ^ 岩本, 康志 (2010-11-01), "岩本康志東京大学大学院経済学研究科教授 日銀は「財政政策に踏み込むな」", ダイヤモンドオンライン, from the original on 2018-02-08, retrieved 2018-02-08
  32. ^ 伊藤, 隆敏 (2011-02-02). "金融政策、財政は手遅れ FTA進め構造改革急げ". 週刊東洋経済 (臨時増刊 デフレ完全解明 ed.). 東洋経済新報社 (6306): 46.
  33. ^ 伊藤, 元重 (2011-02-02). "数年以内に危機のおそれ 構造改革の先送りは限界に". 週刊東洋経済 (臨時増刊 デフレ完全解明 ed.). 東洋経済新報社 (6306): 48.
  34. ^ "財政ファイナンスをやってはいけない", 東洋経済オンライン, 5 December 2012, from the original on 7 November 2017, retrieved 7 November 2017
  35. ^ 財政法5条, from the original on 2018-02-09, retrieved 2018-02-09, すべて、公債の発行については、日本銀行にこれを引き受けさせ、又、借入金の借入については、日本銀行からこれを借り入れてはならない。但し、特別の事由がある場合において、国会の議決を経た金額の範囲内では、この限りではない。
  36. ^ "「高橋財政」に学び大胆なリフレ政策を―昭和恐慌以上の危機に陥らないために", 東洋経済, 16 June 2009, archived from the original on 2 May 2013
  37. ^ "失われたGDPを取り戻す秘策", PHPビジネスオンライン 衆知, 18 January 2010, from the original on 14 June 2013, retrieved 9 February 2018

External links edit

  • Japanese Government Bonds

February 16, 2024
national, debt, japan, march, 2023, japanese, public, debt, estimated, approximately, trillion, dollars, quadrillion, highest, developed, nation, this, debt, held, bank, japan, japan, national, debt, gdpjapan, asset, price, bubble, collapse, 1991, prolonged, p. As of March 2023 the Japanese public debt is estimated to be approximately 9 2 trillion US Dollars 1 30 quadrillion yen or 263 of GDP 1 and is the highest of any developed nation 2 3 4 5 43 3 of this debt is held by the Bank of Japan 6 Japan national debt to GDPJapan s asset price bubble collapse in 1991 led to a prolonged period of economic stagnation described as the Lost Decades with GDP falling significantly in real terms through the 1990s 7 In response the Bank of Japan set out in the early 2000s to encourage economic growth through the non traditional policy of quantitative easing 8 9 By 2013 Japanese public debt exceeded one quadrillion yen US 10 46 trillion which was about twice the country s annual gross domestic product at that time and already the largest debt ratio of any nation 10 11 12 13 The public debt of Japan has continued to rise in response to a number of challenges including but not limited to the Great Recession in 2008 the Tōhoku earthquake and tsunami and Fukushima nuclear disaster in 2011 and the COVID 19 pandemic in between January 2020 and October 2021 which also held ramifications for Tokyo s hosting of the 2020 Summer Olympics In August 2011 Moody s rating cut Japan s long term sovereign debt rating by one notch to Aa3 from Aa2 in line with the size of the country s deficit and borrowing level The large budget deficits and government debt since the 2008 09 global recession and the Tohoku earthquake and tsunami in March 2011 contributed to the ratings downgrade In 2012 the Organisation for Economic Co operation and Development OECD Yearbook editorial stated that Japan s debt rose above 200 of GDP partly as a consequence of the tragic earthquake and the related reconstruction efforts 14 Former Prime Minister Naoto Kan called the situation urgent due to the ballooning debt 15 13 Contents 1 Addressing public debt 2 History 3 National bond issuing and economic policy 3 1 Direct purchase of government bonds by Bank of Japan 3 1 1 The Public Finance Act 4 See also 5 References 6 External linksAddressing public debt editIn order to address the Japanese budget gap and growing national debt the Japanese National Diet at the urging of Prime Minister Yoshihiko Noda of the Democratic Party of Japan DPJ passed a bill in June 2012 to double the national consumption tax to 10 16 This increased the tax to 8 in April 2014 17 The originally scheduled 10 tax increase to be implemented in October 2015 was delayed until at least October 2019 18 The final increase to 10 was implemented on October 1 2019 19 The goal of this increase was to halt the growth of the public debt by 2015 although reducing the debt would require further measures 20 The DPJ subsequently lost control of the Diet in late 2012 and Noda s successor Shinzo Abe of the Liberal Democratic Party implemented the Abenomics program which involved an additional 10 3 trillion yen of economic stimulus spending to balance out the negative impact of the consumption tax increase on economic growth 20 Abenomics led to rapid appreciation in the Japanese stock market in early 2013 without significantly impacting Japanese government bond yields although 10 year forward rates rose slightly 21 Around 70 of Japanese government bonds are purchased by the Bank of Japan and much of the remainder is purchased by Japanese banks and trust funds which largely insulates the prices and yields of such bonds from the effects of the global bond market and reduces their sensitivity to credit rating changes 22 Betting against Japanese government bonds has become known as the widowmaker trade due to their price resilience even if fundamental analysis indicates the contrary should be true 21 Notwithstanding the stability of the market for Japanese government debt the cost of servicing Japan s public debt uses up half of the state s tax revenues and the cost of importing energy in the wake of the 2011 Fukushima disaster has also negatively impacted Japan s longstanding current account surplus 20 History editIn 1944 during the Pacific War the amount of governmental debt exceeded national income jp by 260 23 In 1947 during postwar economic chaos the amount of bonds the government issued exceeded tax revenue Later it was thought that this was the root cause of postwar inflation and the Japanese government enacted the Public Finance Act of Japan in response The act established a balanced fiscal policy by prohibiting 1 the issuance of government bonds to cover national debt and 2 the Bank of Japan from buying government bonds Since the establishment of the 1955 System the amount of held valuable securities in the bank especially national bonds had risen significantly However the 1965 budget issued 259 billion yen in deficit covering bonds and the next year s budget in 1966 allotted 730 billion yen in construction bonds 24 By 1990 the government did not issue a national bond due to the Japanese asset price bubble Bonds were issued again in 1994 and have been issued every year since In 1995 Heisei 9 Masayoshi Takemura the former finance minister declared the Declaration of Fiscal Crisis by issuing deficit covering bond with higher frequency 25 National bond issuing and economic policy edit nbsp Japan bonds Inverted yield curve in 1990 Zero interest rate policy started in 1995 30 year 20 year 10 year 5 year 2 year 1 year nbsp Japan money supply and inflation year over year M2 money supply Inflation nbsp Japanese Bond Market Negative interest rates started in 2014 40 year bond 10 year bond 5 year bond 1 year bond 1 month bondDuring the Japanese asset price bubble of the late 1980s revenues were high due to prosperous conditions Japanese stocks profited and the amount of national bonds issued was modest With the breakdown of the economic bubble came a decrease in annual revenue As a result the amount of national bonds issued increased quickly Most of the national bonds had a fixed interest rate so the debt to GDP ratio increased as a consequence of the decrease in nominal GDP growth due to deflation The growth of annual revenue was slowed down by the prolonged depression 26 Consequently the governments started issuing additional national bonds to cover the interest payments This national bond is called renewal national bond As a result of issuing these bonds the debt is not actually repaid and the amount of bonds issued continued to grow Japan has continued to issue bonds to cover the debt since the asset price bubble collapse There was the phase that opportunity to act austerity policy rose when the fear for return repayment principal of interest was close upped at any trouble happened But the policy was acted that was the inadequate fiscal action by the government and bring finance under control by the Bank of Japan when critical recession caused by austerity policy and others There was the opinion that suggested a fear for general situation of the economic structure that the Japanese economy experienced deflation caused by globalization and the growing international competition 27 28 These factors steered the direction of Japanese economic policy hence the perceived harmful impact to the economic strength of the country With the above mentioned view point from the mobilizing of finances by the government or the action to monetary squeeze by the BOJ or from the view point that it has been deflation recession caused by long termed low demand there are criticisms that it also cause an effect hurt power of economy the tend to promote structural reform jp increase efficiency of supply side On the other hand there are following suggestions for that criticisms Paul Krugman suggested that the opportunity cost of investment has been greater than the ROI 29 and that the quantitative easing policy has not been effective He said that printing notes will not work if the country is in a liquidity trap 30 Yasushi Iwamoto jp an economist suggested that the issue of decline in the economic growth rate has been beyond the ability of monetary policy 31 Takatoshi Ito and Motoshige Ito jp both economist suggested necessity of structural reform to recover from the adverse effect of a monetary policy 32 33 See also jp デフレーション 平成のデフレ不況 Direct purchase of government bonds by Bank of Japan edit A policy was planned and enacted in which the national central bank would directly buy the national bonds Economist Kazuhito Ikeo stated Quantitative easing and debt monetization are different from each other We must not assume they are the same just because both involve the Bank of Japan buying government bonds Lending money is clearly different from giving money but we just see the money move from one place to another and they look exactly the same in that aspect 34 The Public Finance Act edit The Public Finance Act prohibits the Bank of Japan from buying government bonds directly 35 Nevertheless according to the provision it is allowed to buy when the National Diet approves the bill These regulations result from reflection that the Bank of Japan brought about violent inflation by their public bond purchases during the period from before to just after the War 36 37 See also editMonetary and fiscal policy of Japan List of countries by public debt Net international investment positionReferences edit Analysis Japan s debt time bomb to complicate BOJ exit path Reuters Retrieved 2023 02 10 Central Government Debt As of March 31 2023 Ministry of Finance 2023 05 10 Retrieved 2023 05 27 One Mitsuru Nikkei How the world is embracing Japan style economics Nikkei O Neill Aaron Japan National debt from 2016 to 2026 Statista Martincevic Irena Visualizing the State of Government Debt Around the World Update 2021 Howmuch net Breakdown by JGB and T Bill Holders Mar 2022 Preliminary Figures PDF Ministry of Finance Retrieved 2022 10 25 Japanese GDP nominal Sean Ross The Diminishing Effects of Japan s Quantitative Easing Investopedia Retrieved 2021 06 01 Oh Sunny Here s a lesson from about the threat of a U S debt crisis MarketWatch Japan s Debt About 3 Times Larger Than ASEAN s GDP August 10 2013 Archived from the original on August 13 2013 Retrieved August 13 2013 Schwartz John 11 August 2013 Japan s debt looks like this 1 000 000 000 000 000 yen New York Times Archived from the original on 7 January 2014 Retrieved 7 January 2014 Japan s latest economic stimulus exposes its dirty debt secret Fortune Archived from the original on June 14 2018 Retrieved Apr 9 2020 a b Forget Greece Japan is the world s real economic time bomb Fortune Archived from the original on November 10 2019 Retrieved Apr 9 2020 Gurria Angel Towards a positive legacy of a terrible crisis OECD Archived from the original on May 11 2018 Retrieved May 10 2018 Kan warns of Greece like debt crisis Japan Today 11 June 2010 Archived from the original on November 16 2018 Retrieved Apr 9 2020 Asahi Shimbun UPDATE Lower House passes bills to double consumption tax Archived 2013 06 22 at the Wayback Machine Retrieved on July 4 2012 Daily Yomiuri website Lower house OK s tax hike bills 57 DPJ lawmakers rebel against vote Ozawa studying various options Archived 2012 06 30 at the Wayback Machine Retrieved on July 4 2012 The Japan Times Abe s consumption tax decision Archived 2016 09 11 at the Wayback Machine Retrieved on August 28 2016 Tateno Masaharu Tsunashima Yuta Akiyama Hiroyuki October 1 2019 Japan raises consumption tax to 10 Nikkei Archived from the original on March 4 2020 Retrieved April 7 2020 a b c Don t mention the debt The Economist 4 May 2013 Archived from the original on 9 January 2014 Retrieved 7 January 2014 a b Barley Richard 18 February 2013 Japan s Relentless Bonds Wall Street Journal Archived from the original on 21 May 2015 Retrieved 7 January 2014 Grimes William 6 October 2011 Japan s Debt Challenge NBR Archived from the original on 7 January 2014 Retrieved 7 January 2014 真壁 昭夫 1 July 2014 終戦直後のような預金封鎖は本当に起きるのか 国民に浸透した 超財政悪化不安 の現実味と対策 ダイヤモンド オンライン archived from the original on 7 November 2017 retrieved 31 October 2017 栗原 昇 2010 ダイヤモンド社 ed 図解 わかる 経済のしくみ new ed ダイヤモンド社 p 110 第51回滋賀中部政経文化懇話会 講師に武村正義氏 滋賀報知新聞 16 November 2011 archived from the original on 29 April 2014 retrieved 31 October 2017 一般会計税収の推移 archived from the original on 2012 10 26 retrieved 2017 11 03 野口 旭 30 June 2004 野口旭の ケイザイを斬る 第7回 改革批判の過去と現在 Hotwired Japan ALT BIZ dead link 野口 旭 30 June 2004 野口旭の ケイザイを斬る 第8回 開かれた社会とその宿命 Hotwired Japan ALT BIZ dead link Krugman Paul 2000 流動性のわなと日本のマクロ経済政策 問題提起 in 通商産業研究所編集委員会 編著 ed マクロ経済政策の課題と争点 吉川洋 東洋経済新報社 Krugman Paul 2010 10 28 Friedman on Japan archived from the original on 2018 02 07 retrieved 2018 02 06 岩本 康志 2010 11 01 岩本康志東京大学大学院経済学研究科教授 日銀は 財政政策に踏み込むな ダイヤモンドオンライン archived from the original on 2018 02 08 retrieved 2018 02 08 伊藤 隆敏 2011 02 02 金融政策 財政は手遅れ FTA進め構造改革急げ 週刊東洋経済 臨時増刊 デフレ完全解明 ed 東洋経済新報社 6306 46 伊藤 元重 2011 02 02 数年以内に危機のおそれ 構造改革の先送りは限界に 週刊東洋経済 臨時増刊 デフレ完全解明 ed 東洋経済新報社 6306 48 財政ファイナンスをやってはいけない 東洋経済オンライン 5 December 2012 archived from the original on 7 November 2017 retrieved 7 November 2017 財政法5条 archived from the original on 2018 02 09 retrieved 2018 02 09 すべて 公債の発行については 日本銀行にこれを引き受けさせ 又 借入金の借入については 日本銀行からこれを借り入れてはならない 但し 特別の事由がある場合において 国会の議決を経た金額の範囲内では この限りではない 高橋財政 に学び大胆なリフレ政策を 昭和恐慌以上の危機に陥らないために 東洋経済 16 June 2009 archived from the original on 2 May 2013 失われたGDPを取り戻す秘策 PHPビジネスオンライン 衆知 18 January 2010 archived from the original on 14 June 2013 retrieved 9 February 2018External links editJapanese Government Bonds Retrieved from https en wikipedia org w index php title National debt of Japan amp oldid 1193544106, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.