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.
规模很重要。这是华盛顿债务上限争论和标准普尔(Standard & Poor's)下调美国主权信用评级给我们的经验教训，这两件事都没有推高美国国债的收益率。这也是来自日本的经验教训，日本的国债收益率为世界最低，同时其公共债务规模又在世界最高之列。
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