Here are two contrasting facts about Japan. Number one: the yield on 30-year government bonds hit an all-time high of 3.21 per cent earlier this month after a series of weak auctions — a sign, perhaps, that markets are finally becoming concerned about the country’s enormous public debt. Number two: according to Morgan Stanley, Japan’s budget deficit was almost completely eliminated in the first quarter of this year, putting the public finances in their best position for almost three decades.
日本存在兩種相悖的現象。第一：在一系列國債拍賣表現清淡后，30年期國債收益率在本月早些時候創下3.21%的歷史新高——這或許是市場終于對該國巨額公共債務感到擔憂的一個信號。第二：根據摩根士丹利(Morgan Stanley)，日本今年第一季度的預算赤字幾乎完全消除，令其公共財政處于近30年來最佳的狀況。
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