The Japanese government has been able to sell its bonds to domestic buyers because of the high rate of domestic saving. The excess of saving over investment has given Japan a current-account surplus, allowing the country to finance all of the government borrowing domestically, with enough left over to invest in dollar-denominated bonds and other foreign securities.
即使不存在通胀加速和日元贬值预期，日本的基本条件也表明利率将上升。日本政府之所以能够向国内买家出手债券，是因为国内储蓄率很高。相对投资的超额储蓄给日本带来了经常项目盈余，使其能够在国内解决政府融资问题，除此之外还有足够的余额投资美元债券和其他外国证券。但这一情况马上就要结束了。