A quarter of Japan’s population is more than 65 years old – three times the world average. Tax revenues have been falling since 1990. Meanwhile, total government expenditures, according to the Ministry of Finance, have leapt by $300bn or so since the financial crisis, helping gross private and public sector debt to an equivalent of five times gross domestic product. Surely, a recipe for rising bond yields and a bombed-out yen, right?
日本人口中，有四分之一超過65歲，這個比例是世界平均水準的三倍。稅收收入自1990年以來一直在下降。與此同時，日本財務省的數據顯示，自金融危機以來，政府支出總額激增了3000億美元左右，推動私人和公共部門債務總額上升至相當於國內生產毛額的5倍。毫無疑問，這將導致債券收益率上升、日元遭受重挫，不是麼？
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