2021年日本财政：“扩张”政策与“破产”危机

Abstract:After the bubble economy collapse，the Japanese government has been implementing fiscal expansionary policies in order to revive the Japanese economy. Together with the serious imbalance of fiscal revenue and expenditure，these expansionary policies have led to a sharp increase of deficit and national debt，and Japanese public finance is on the verge of bankruptcy. Faced with COVID-19，Japanese government aggressively increased fiscal and financial stimulus and substantially increased the supplementary budget for four times during the past two years. The Bank of Japan purchased a large quantity of Japanese governmental bonds to boost market capital credit，which did relieve corporate operation crisis as well as residential living pressure to some extent. These measures，however，further aggravated fiscal bankruptcy risk in the meantime. The “neo-capitalism” policy brought forward by Kishida government lacks “originality” and thus is unlikely to make any breakthrough. In fact，Japan is experimenting with risky policies under the logic of “Modern Monetary Theory” unwittingly and unconsciously.

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