一、日本的“国债之谜” 日本是世界第二经济大国,又是世界最大债权国和最大资本输出国,但是其国债年发行量却高达170万亿日元(约1.3万亿美元),堪称世界第一“国债大国”(参见表1)。国债大国何以能成为经济大国和债权大国?实令人百思而不解,故称为“国债之谜”。 I. Japan’s “Mysteries of National Debts” Japan, the second largest economy in the world and the largest creditor country and largest capital exporter in the world, has an annual circulation of 170 trillion yen (about 1.3 trillion U.S. dollars) Can be regarded as the world’s first “bond country” (see Table 1). Why a treasury bond country can become a big economic power and a creditor country? It is a baffling and puzzling, it is called “the mystery of national debt.”