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，有四分之一超过65岁，这个比例是世界平均水平的三倍。税收收入自1990年以来一直在下降。与此同时，日本财务省的数据显示，自金融危机以来，政府支出总额激增了3000亿美元左右，推动私人和公共部门债务总额上升至相当于国内生产总值的5倍。毫无疑问，这将导致债券收益率上升、日元遭受重挫，不是么？
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