日本国债存量占GDP的比例已经超过230%,这一比例在主要国家中居于首位,并且有继续增加的趋势,引发了国际社会对于日本主权债务风险的广泛关注。外界普遍认为日本国债国内持有比例较高,有利于降低主权债务风险,但却忽视了外国投资对于日本国债市场造成的巨大风险。一、从国内持有结构看,日本国债市场基本面仍然保持稳定从国债持有结构上看,日本国内持 The proportion of Japanese government bonds in GDP has exceeded 230%. This ratio ranks first in major countries and continues to increase. This has led to widespread international concern about the sovereign debt risk in Japan. It is generally believed that the high domestic ownership of Japanese government bonds helps reduce the risk of sovereign debt but ignores the huge risks that foreign investment pose to the Japanese government bond market. First, judging from the domestic holding structure, the fundamentals of the Japanese government bond market remain stable. From the view of the holding structure of national debt, Japan’s domestic holding