在债务付息已经占到日本公共财政支出四分之一的情况下,国债收益率每上升1个百分点,日本的偿债成本就会增加2.4个百分点的GDP。日本政府债务规模位列全球第一,但是国债利率水平却属全球最低(见图1)。目前,日本10年期国债的收益率仅为0.5%,其政府债务相对于GDP的比例却高达240%,并且还在不断上升中。相比之下,美国10年期国债收益率为2.5%,其政府债务相对于GDP的比例仅为104%;而导致欧债危机爆发的源头希腊,其债券收益率为5.9%, With debt service accounting for a quarter of Japan’s public finance expenditure, for every 1% increase in the yield of government bonds, Japan’s debt service cost will increase by 2.4% of GDP. Japan’s government debt ranks first in the world, but the national debt rate is the lowest in the world (see Figure 1). At present, the yield of 10-year Japanese government bonds is only 0.5%, while the ratio of government debt to GDP is as high as 240%. And it is still on the rise. In contrast, the yield on 10-year U.S. government bonds is 2.5% and its government debt to GDP ratio is only 104%. Greece, the source of the European debt crisis, has a bond yield of 5.9%