The US and Japan might be among the last to face the wrath of the bond-market vigilantes: the dollar is the main global reserve currency, and foreign-reserve accumulation – mostly US government bills and bonds – continues at a rapid pace. Japan is a net creditor and largely finances its debt domestically.
即使美国和日本会受到“债券义勇军”惩罚，也是最后一批了：美元是主要的全球储备货币，而主要体现为美国国库券和长期国债的全球外汇储备仍在快速累积。日本是净债权国，其国债的资金来源主要是国内。