Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money
分析了日本在全球利率上升环境下维持低利率政策的风险，指出日本公共部门依赖廉价国内资金投资风险资产，实质是用借来的钱设立主权财富基金，最终风险由债券持有人、储户和纳税人承担。
We analyze the risks associated with Japan’s prolonged low-interest rate policies amid a global environment of rising rates. To finance its persistent deficits, the Japanese public sector depends on inexpensive domestic funding to invest in risky assets both domestically and internationally, effectively creating a sovereign wealth fund fueled by borrowed money. Ultimately, these risks fall on Japanese bondholders, depositors, and taxpayers. While the United States faces similar fiscal pressures, it is unlikely to adopt Japan’s approach.