Japan's Sovereign Debt Crisis Has Reached A Critical StageJapani ilmoittaa olevansa valmis ostamaan lisää euroopplaisia joukkovelkakirjoja. Japanin talousministeri Yoshihiko Nodan mukaan Japani aikoo osoittaa tukensa Euroopan rahoitusvakautusvälineen kautta, jos siihen on tarvetta.Talousministeri ilmoitti asiasta EU:n päästyä sopuun Kreikalle myönnettävästä 109 miljardin euron lainapaketista myöhään eilen torstai-iltana.
Japani on ostanut kaikkiaan 20 prosenttia tammikuun jälkeen liikkeelle lasketuista vakausvälineen lainapapereista. Japanin talousministerin mukaan maa aikoo jatkaa lainanantamista Euroopan rahoitusvakausvälineelle.
http://www.businessinsider.com/japans-sovereign-debt-the-emperor-has-no-clothes-2011-6
As the debate on government debt has taken the center stage in United States and Europe, it may be useful to take a look at Japan, the country that best exemplify, in all its complexity, the issue of sovereign debt.
According to the McKinsey Institute, in 2009 Japan had a total debt including State, Local Government, Corporate and Households of around 471% of GDP. At 225%, Japan also has, by far, the highest sovereign debt/gdp ratio in the world and far larger than the the United States with a debt “only” at 98% of GDP. While it is beyond the purpose of this piece to explain how the country could dig itself into such hole, it is more relevant to point out that Japan has been able to finance its ballooning debt for more than a decade not only without any problem but also at an extremely low cost. And that is in spite of a decade of flat growth and an aging population. How was it possible?
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