Size matters. That is the lesson to draw from Washington’s debt ceiling debate and the downgrade of its sovereign credit rating by Standard & Poor’s, neither of which drove up US bond yields. It is also the lesson to draw from Japan, which combines the world’s lowest bond yields with one of its largest public debt stocks.
規模很重要。這是華盛頓債務上限爭論和標準普爾(Standard & Poor's)下調美國主權信用評級給我們的經驗教訓，這兩件事都沒有推高美國國債的收益率。這也是來自日本的經驗教訓，日本的國債收益率爲世界最低，同時其公共債務規模又在世界最高之列。
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