When considering today’s concern about Japan’s high public debt-to-GDP ratio, now at 202% on a gross basis, one needs to reflect that the ratio would most likely be profoundly lower if Japan had in the past financed more of its deficit spending with trills instead of conventional debt, and issued them to investors around the world. A lower debt burden would certainly help Japan deal with its economic slowdown.
考虑到日本目前高达202%的负债对GDP比率，人们就会回想如果当年选择用万亿票而不是常规借债来支持其赤字政府支出，并向全世界发行这种证券的话，这个比值将大幅降低。而更少的债务负担显然有助于日本应对其经济增长放缓问题。