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.
日本存在两种相悖的现象。第一:在一系列国债拍卖表现清淡后,30年期国债收益率在本月早些时候创下3.21%的历史新高——这或许是市场终于对该国巨额公共债务感到担忧的一个信号。第二:根据摩根士丹利(Morgan Stanley),日本今年第一季度的预算赤字几乎完全消除,令其公共财政处于近30年来最佳的状况。