Japan once had a high savings rate, but its current savings rate is about the same as in the US, thanks to an aging and shrinking population. The big difference – that Japan has a trade surplus and the US has a deficit – is not important as long as China’s currency policy obliges it to accumulate dollar assets in one form or another.
看看日本吧。该国债务对GDP之比高达200%，堪称世界之最。但其十年期收益率只有1%上下。日本曾经拥有超高的储蓄率，但由于老龄化和人口减少，现在已下降到与美国相仿的水平。美日之间的差别——贸易赤字对贸易盈余——已不再重要，因为中国的货币政策使其不断地积累着美元资产。