久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Japan's debt issue will soon become an internationalized problem

Updated: 2013-01-04 06:36

By Raymond So(HK Edition)

  Print Mail Large Medium  Small

Japan's debt issue will soon become an internationalized problem

Since the economic bubble burst in the early 1990s, Japan has suffered from a series of recession. To rescue the economy, Japan has become the first industrialized country to implement quantitative easing (QE).

In comparison, the QE measures adopted by the United States and the European Union have a much more far-reaching impact on the world, mainly because both the dollar and euro have a larger scale of internationalization, with more dollar- and euro-denominated debt being held by overseas institutions, governments and investors. Japanese debt, on the other hand, is mainly held by Japanese households. This may be due to the unique features of the Japanese financial market and social system, but the fact is that the lack of internationalization of Japanese debt makes the Japanese debt problem less problematic, at least in terms of its impact on international financial markets.

Nevertheless, the lack of internationalization of Japanese debt is changing. According to the latest figures from the Bank of Japan - the Japanese central bank -- the holdings of Japanese national debt under foreign hands have reached 8.6 trillion yen, representing an annual rise of 11 percent. In terms of percentage, overseas holding of Japanese national debt is now 9.1 percent, also a historical high. The figures show that, indeed, the Japanese debt issue is becoming more internationalized, and the impact can be far-reaching.

People are concerned about the US debt problem. However, Japan's debt issue is not optimistic either. Current American debt-to-GDP ratio is about 102 percent, but the same ratio for Japan is 228 percent. If we call US debt a problem, Japanese debt is indeed a much bigger nightmare. Financial markets are not stupid, the trick is that majority of US debt is in overseas hands because US dollar-denominated assets have a special position as reserve assets. Though Japan's debt-to-GDP ratio is double that of the US, the international impact of Japan's debt problem was not under the spotlight as Japanese national debt is traditionally held by Japanese investors. Yet, as mentioned above, things are changing. With a greater amount of Japan's debt in international hands, Japan's debt problem will become an international issue sooner or later.

Another point worth mentioning is that under the new administration of Prime Minister Shinzo Abe, the Bank of Japan will start another round of assets buyback with a target of 10 trillion yen. This means the Japanese government will inject more liquidity into the market, making a new QE round. When the Bank of Japan goes for another round of QE, it will buy more bonds. With a buyer on hand, the Japanese government can issue more bonds with low interest rates. The excess liquidity will push interest rates lower and financial markets worldwide will definitely be affected.

In terms of debt capacity, the net assets of Japanese households reach 1,156 trillion yen, while the national debt is 1,133 trillion yen. The difference is around 23 trillion yen. The increase in assets buyback already hits 10 trillion yen, which means there is not much domestic capacity left for absorbing any newly-issued debt. In other words, if the Japanese government continues with its current economic policies and has no way out in economic development, it has to go to foreign lenders for funds. Worst still, it is doubtful if the Japanese government can issue debt at such interest rates. With the worsening debt-to-GDP ratio and an unreasonable debt level, new lenders are likely to ask for a fair risk premium for the lending. Can the Japanese economy afford the new borrowing? Can Japan still rely on new borrowing for economic development? These are questions with no answers. Japan's economy is not optimistic at all.

The author is dean, School of Business, Hang Seng Management College. The views expressed here are entirely his own.

(HK Edition 01/04/2013 page2)

久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    另类的小说在线视频另类成人小视频在线| 日韩激情av在线| 一本色道久久综合亚洲精品按摩| 亚洲色图视频网| 欧美性高清videossexo| 亚洲电影你懂得| 日韩久久久久久| 国模套图日韩精品一区二区| 国产精品你懂的在线欣赏| 99精品国产99久久久久久白柏| 一区二区久久久| 51午夜精品国产| 激情综合网天天干| 中文字幕亚洲欧美在线不卡| 91国偷自产一区二区三区观看| 亚洲va欧美va天堂v国产综合| 日韩欧美三级在线| 国产精品996| 亚洲精品乱码久久久久久| 欧美精品高清视频| 国产麻豆精品在线观看| 亚洲日本在线看| 宅男噜噜噜66一区二区66| 国产精品一线二线三线精华| 亚洲免费观看在线视频| 91精品久久久久久久91蜜桃| 国产一区二区三区免费看| 亚洲视频资源在线| 91精品国产91久久久久久最新毛片| 国产伦精品一区二区三区在线观看 | 久久久久九九视频| 91在线一区二区| 美女在线视频一区| 国产精品毛片无遮挡高清| 欧美日韩第一区日日骚| 国产一本一道久久香蕉| 亚洲成在人线在线播放| 久久久噜噜噜久噜久久综合| 在线观看91精品国产入口| 激情都市一区二区| 亚洲一区在线观看网站| 久久午夜免费电影| 欧美午夜电影一区| 丰满少妇在线播放bd日韩电影| 亚洲国产一区视频| 欧美激情综合五月色丁香小说| 欧美探花视频资源| 高清不卡一区二区在线| 日韩av不卡在线观看| 亚洲天堂2014| 久久精品视频一区| 欧美高清视频一二三区 | 久久精品在这里| 欧美日韩亚洲不卡| 成人的网站免费观看| 日本色综合中文字幕| 亚洲免费av观看| 久久久久久久久久久久电影| 欧美精品99久久久**| 91亚洲精品久久久蜜桃网站| 韩国v欧美v日本v亚洲v| 婷婷中文字幕综合| 日韩理论片网站| 国产亚洲午夜高清国产拍精品| 制服丝袜成人动漫| 91传媒视频在线播放| 成人午夜视频在线| 精品一区二区三区视频| 午夜精品在线看| 亚洲女人的天堂| 国产精品三级av在线播放| 亚洲精品在线电影| 欧美福利视频导航| 91电影在线观看| 91网址在线看| 成人av集中营| 国产精品亚洲一区二区三区在线 | 久色婷婷小香蕉久久| 亚洲国产精品一区二区久久恐怖片 | 欧美日韩欧美一区二区| 94-欧美-setu| 成人在线视频一区二区| 韩国成人精品a∨在线观看| 裸体一区二区三区| 日韩电影免费在线看| 亚洲一二三专区| 亚洲精品国久久99热| 国产精品国产三级国产普通话三级 | 欧美日韩性生活| 欧美色精品天天在线观看视频| 日韩av中文字幕一区二区| 亚洲综合清纯丝袜自拍| 亚洲狠狠丁香婷婷综合久久久| 亚洲欧洲99久久| 国产精品传媒视频| 国产精品毛片a∨一区二区三区 | 日韩理论在线观看| 中文字幕中文在线不卡住| 国产精品午夜久久| 国产精品午夜免费| 亚洲欧洲日韩av| 亚洲欧美一区二区视频| 最新欧美精品一区二区三区| 国产精品麻豆一区二区| 成人欧美一区二区三区小说| 成人免费一区二区三区视频 | 久久成人羞羞网站| 精品制服美女丁香| 国产一区在线精品| 国产福利一区二区| 成人在线一区二区三区| 99国产精品久久久| 日本高清不卡视频| 精品视频在线免费看| 欧美人xxxx| 久久精品在线免费观看| 欧美tickling网站挠脚心| 欧美大肚乱孕交hd孕妇| 亚洲精品在线观| 国产精品美女视频| 亚洲视频在线一区观看| 亚洲第一福利一区| 青青草伊人久久| 国产在线精品一区二区| 成人性生交大合| 色综合久久中文字幕综合网 | 日韩一区二区在线观看视频| 精品国精品自拍自在线| 国产无一区二区| 亚洲人123区| 亚洲第一搞黄网站| 国内成人免费视频| 99精品视频在线观看| 91国偷自产一区二区三区成为亚洲经典 | 在线观看一区日韩| 在线成人小视频| 久久综合九色综合97婷婷女人| 国产精品久久久久影院色老大 | 精品写真视频在线观看| 成人免费毛片嘿嘿连载视频| 在线观看亚洲a| 欧美变态凌虐bdsm| 国产精品夫妻自拍| 亚洲成va人在线观看| 韩国精品主播一区二区在线观看| www.成人在线| 欧美精品久久99| 亚洲国产精品精华液ab| 亚洲小少妇裸体bbw| 精彩视频一区二区| 91香蕉视频污| 欧美一卡在线观看| 国产精品久久久久四虎| 午夜伊人狠狠久久| 国产精品18久久久| 欧美亚洲日本国产| 久久久噜噜噜久久中文字幕色伊伊 | 蜜臀av性久久久久蜜臀aⅴ| 成人一区二区三区| 欧美日韩黄色影视| 国产日韩欧美精品一区| 亚洲成av人片在线| 粉嫩av一区二区三区| 欧美美女黄视频| 国产精品蜜臀在线观看| 日本亚洲视频在线| 97精品国产露脸对白| 日韩欧美国产综合在线一区二区三区 | 亚洲欧美偷拍卡通变态| 麻豆国产精品一区二区三区| 91一区一区三区| 久久久久久久久久久久久久久99| 亚洲成人免费视| 高清不卡一二三区| 日韩欧美中文字幕精品| 一区二区三区在线高清| 国产精品18久久久久久久久| 欧美裸体bbwbbwbbw| 国产精品卡一卡二卡三| 久久超碰97中文字幕| 91国模大尺度私拍在线视频| 国产日韩欧美精品综合| 蜜臀av一区二区| 在线免费观看日本欧美| 国产午夜久久久久| 青青草国产成人99久久| 色噜噜偷拍精品综合在线| 国产视频一区不卡| 美女尤物国产一区| 一本色道久久综合亚洲91| 国产免费成人在线视频| 麻豆成人综合网| 欧美日韩日日骚| 亚洲精品视频在线看| 成人性生交大片免费看在线播放 | 91精品国产综合久久精品性色| 综合色中文字幕| 国产99久久久国产精品潘金| 欧美tickling挠脚心丨vk| 日韩黄色片在线观看|