为什么日本经济正处于临界点？

@MinCheese
I lived in Japan briefly as a student in 2023. The period before that the Yen was consistently 220VND / 1 Yen. But by that  point, it had dropped to 170-180VND / 1 Yen and I saw the price increase in front of my eyes. A simple cup of latte at 7/11 increased in price overnight by about 20 yen?
My girlfriend returned back there to work in 2025 and the price of rice is astronomical. It doubled / tripled in price compared to what I remember in 2023.
 
我在2023年作为学生短暂居住在日本。在那之前，日元的汇率一直是220越南盾/1日元。但到那时，它已经降到了170-180越南盾/1日元，我亲眼看到了价格的上涨。一杯简单的拿铁在7-11的价格一夜之间上涨了大约20日元？我的女朋友在2025年回去工作，米饭的价格天文数字。与我在2023年的记忆相比，价格翻了一倍或三倍。
 
@xzera1012
Good production but no mention on how USA and other nations. Pressured Japan into “plaza Accord”. That’s what made it set off in part. Not Japan’s completely own fault. For the first part during the 80s
 
生产不错，但没有提到美国和其他国家如何施压日本达成“广场协定”。这在某种程度上促使了这一情况的发展。这并不是日本完全的错，尤其是在80年代初期。
 
@kanky_jp
As someone in Japan, I read this as a change in what drives the hegemon.
After the Cold War, economic logic dominated and globalization expanded, sometimes squeezing even close allies like Japan as production moved to lower-cost countries.
When a challenger emerges militarily, security concerns take center stage, blocs form, and supply chains reorganize.
That can reduce the hegemon’s old advantage from a single global system while giving allies like Japan more room to rebound.
 
作为一个在日本的人，我将其视为主导力量驱动因素的变化。在冷战结束后，经济逻辑占据主导地位，全球化不断扩展，有时甚至迫使像日本这样的密切盟友在生产转移到低成本国家时受到挤压。当军事挑战者出现时，安全问题成为中心舞台，集团形成，供应链重组。这会削弱主导力量在单一全球体系中的旧优势，同时给像日本这样的盟友更多反弹的空间
 
@JasonMcMullen
Wages have not increased with inflation in Japan, not even close. There is a strong hierarchy of power which is intrinsic in Japanese business and employees are not realistically able to ask for more money from their boss.  Its also very difficult to quit your job in Japan
 
日本的工资并没有随着通货膨胀而上涨，甚至远远没有达到水平。日本商业中存在着强大的权力等级，员工实际上无法向老板要求更多的薪水。在日本辞职也非常困难。
 
@CosmicChillStation
While the video correctly identifies the 1990s crash, the root cause dates back to the mid-80s trade war with the US. The plaza Accord was the "original sin" that forced Japan to pivot its economy, leading to the creation of an artificial bubble. Japan has been struggling with the fallout of those macro-adjustments for 40 years, not just 30.
 
虽然视频正确地指出了1990年代的崩溃，但根本原因可以追溯到80年代中期与美国的贸易战。广场协议是迫使日本调整经济的“原罪”，导致了一个人为泡沫的形成。日本在应对这些宏观调整的后果上已经挣扎了40年，而不仅仅是30年。
 
@Mr.MashenIt
I can't even imagine getting a stimulus check for 2% inflation over target. Here in the U.S., we can't even agree if the inflation is real for a year, then when we do see the prices go up, everyone blames the other person for us paying more.
 
我甚至无法想象因为超过目标的2%通货膨胀而获得刺激支票。在美国，我们连一年的通货膨胀是否真实都无法达成一致，当我们看到价格上涨时，每个人都把责任推给别人，导致我们支付更多。
 
@DirtGnap
Japan us sitting on record forign reserve stockpiles so they clearly want the weaker yen
 
日本正坐拥创纪录的外汇储备，因此他们显然希望日元贬值。
 
@xiaomifan5983
I think it will be interesting to watch the BOJ's future rate policy. A shrinking gap between Japanese and foreign interest rates could discourage yen carry trades, pulling billions out of foreign assets back to Japan.
 
我认为观察日本央行未来的利率政策会很有趣。日本和外国利率之间的差距缩小可能会抑制日元套息交易，将数十亿资金从外国资产撤回日本。
 
@GlobalMacro.Crypto
Japan spent decades trying to escape deflation, and now inflation finally shows up… a bit too enthusiastically. Easy money was comfortable, but reality always sends the bill. The real challenge isn’t prices rising—it’s whether incomes and innovation can keep up
 
日本花了几十年试图摆脱通缩，现在通货膨胀终于出现……不过似乎来得有些过于热烈。宽松货币政策让人感到舒适，但现实总会送上账单。真正的挑战不是价格上涨，而是收入和创新能否跟上。
 
@GothPaoki
How are you gonna talk about this subject and not even mention the plaza accords?? The asset bubble mentioned here is literally a direct consequence of that. The value of properties rose to insane levels.
 
你怎么能谈论这个话题却连广场协议都不提呢？这里提到的资产泡沫实际上就是那个的直接后果。房产价值上涨到了疯狂的水平。
 
@peter.p.
I said this for last five years. Their infinite money glitch would not work in long term because dollar is doing same, and they need to increase paycheck for workers.
 
我在过去五年里一直这么说。他们的无限资金漏洞在长期内是行不通的，因为美元也在这样运作，他们需要提高工人的工资。
 
@TheBigExclusive
If there's a shortage, why can't Japan import rice from other countries like America? America has a large surplus of rice.
There's even Japanese rice grains that are grown in America.
 
如果缺货，为什么日本不能从像美国这样的其他国家进口大米？美国有大量的大米 surplus。 甚至还有在美国种植的日本大米。
 
@pw4780
The business hotel I usually stay in Tokyo always cost about $35 a night now costs $135.
 
我通常住的东京商务酒店，原本每晚大约35美元，现在要135美元了。
 
@CarolineNiggAyaLee-Janet
Some rice grains used in the graphic aren’t Japanese rice (Japonica) but they are indica rice. Also, the rice bowl is more Chinese-style one. And why use California rolls instead of normal sushi?
 
图中使用的某些大米并不是日本大米（粳米），而是籼米。而且，那个米饭碗更像是中国风格的。为什么用加州卷而不是普通寿司？
 
@BuntFencer
Asset bubble in the 80s? No mention of what caused it? It was the plaza Accord that was forced on Japan that caused it.
 
80年代的资产泡沫？没有提到造成它的原因吗？是迫使日本签署的广场协议导致了这一切。
 
@marksmith5216
However, in this video there's no mention about unemployment rate in Japan. The fact that it is the lowest level in its history right now might be a blessing in disguise.
 
然而，这个视频没有提到日本的失业率。目前的失业率是历史最低水平，这可能是一种好事。
 
@maxpower-r2e2y
you cut spending with auditing. introduce a mild realty gains tax, which in turn will allow the lowering of the prime rate and restarting of the economy. auditing = money rationing/control, reduce wages and foreign spending. there is always a way out.
 
你可以通过审计来削减开支。引入温和的房地产增值税，这将允许降低基本利率并重启经济。审计=资金配给/控制，减少工资和外国消费。总是有办法解决问题。
 
@etownump
The last words in the video are the ones that are most worth considering:  "...and we see GROWING INEQUALITY." It seems like the only ones that support rising prices are the wealthy because they can make a buck on investments with higher rates. I've been in Japan for 20 years, and when salaries don't rise AND prices don't go up, it's great. No one is getting crazy rich, but society is functioning (that isn't to say there aren't problems, but it's better than US inflation and rates and income inequality).
 
视频中的最后一句话是最值得考虑的：“……我们看到不断增长的不平等。”似乎只有富人支持物价上涨，因为他们可以通过更高的利率在投资中获利。我在日本住了20年，当工资不涨而物价也不上涨时，这很好。没有人变得疯狂富有，但社会运转正常（这并不是说没有问题，但比美国的通货膨胀、利率和收入不平等要好）。
 
@death135
Here in Pakistan we had an interest rate at around 20 to 25% lol. Only now have we come down to 12% or something. Prices for imports have increased by 5 times since 2019
 
在巴基斯坦，我们的利率曾在20%到25%左右，哈哈。现在才降到12%左右。自2019年以来，进口价格上涨了5倍。
 
@everglades_n_co.
During japan's 3 lost decades, the whole country reached an agreement to take a slow recovery or gradual advance, characterized by three shifts, and low wages. Instead, they could've taken a path to social upheaval, which would've led to huge unemployment, and staggering debt settlement across its economy. That's the only way to cleanse a sick, old economy. Whether it was a political motive or something else, they chose to not wobble social stabilization. It ultimately resulted in tons of zombie companies and staggering gov't debts. That's the underlying reason why japan's economy has kept being stagnant for 3 decades. Over the course of those three decades, the money printed to escape deflation has accumulated, only to wait to unleash its energy on the economy. They might finally shrug off the worry of deflation, leaving 3 lost decades behind, but they should face the fear of inflation over long accumulated money printed to end deflation. Printing money has no choice but to fire back at the economy one way or another, as history has long taught us.
 
在日本的三十年失落期间，整个国家达成了一致，以缓慢恢复或渐进发展的方式为特征，经历了三次转变和低工资。相反，他们本可以选择一条导致社会动荡的道路，这将导致巨大的失业和经济中惊人的债务清偿。这是清理一个病态、老旧经济的唯一办法。无论是出于政治动机还是其他原因，他们选择不动摇社会稳定。最终导致了大量僵尸公司和惊人的政府债务。这就是日本经济在三十年里保持停滞的根本原因。在这三十年中，为了逃避通缩而印刷的钱已经积累，只是在等待释放其对经济的能量。他们可能终于会摆脱对通缩的担忧，把三十年的失落抛在身后，但他们应该面对对长期积累的印钞所带来的通货膨胀的恐惧。印钞无论如何必然会反噬经济，历史早已证明了这一点。
 
@sssubarusss
Meanwhile, the country is focussed on its non existent former problem. They will wake up one day and sure maybe there will be less foreigners but they will all be screwed because of focussing on the wrong issue
 
与此同时，这个国家专注于它不存在的过去问题。他们总有一天会醒来，可能外国人会减少，但因为关注错误的问题，他们都会陷入困境。
 
@fig3687
America is half responsible for the decline of Japan's economy. It all started from plaza accord
 
美国对日本经济衰退负有一半责任。一切都始于广场协议。
 
@FunTheMental007
i wish this video went into a bit more detail about the nitty gritties this stuff seems pretty surface level
 
我希望这个视频能更详细地讨论这些内容，这些看起来有点表面化。
 
@五億P
Because of long suspension of nuclear power plants caused by the great earthquake, Japan also has to import lots of LNG and crude oil from foreign countries also import inflation….
 
由于大地震导致核电站长期停运，日本还必须从外国进口大量液化天然气和原油，这也带来了进口通胀……
 
@ベン-q6u
It would be interesting to get some more perspectives regarding the future and not ALWAYS the same video about what happened the last 40 years till today.
 
如果能得到一些关于未来的更多视角，而不是总是相同的关于过去40年发生了什么的视频，那将会很有趣。
 
@dec_vs_japan
My interest rate for my bank here in Japan is 0.01%. So while my mates back home in England get interest every month with all their savings, I get nought.
 
我在日本银行的利率是0.01%。所以，当我在英国的朋友们每个月都能从储蓄中获得利息时，我却一无所获。
 
@scottpetty4568
Even an organization like Bloomberg is now filling out their video segments with AI.  Houston, Texas is not in Japan.
 
即使像彭博社这样的组织现在也开始用人工智能填充他们的视频部分。休斯顿，德克萨斯州并不在日本。
 
@stevejazzfan1732
Talking about debt in Japan, not only the Government debt but the public sector's debt should be considered in terms of Yen's stablity.  
For example, the housing loan debt and credit debt in the US occupies a quite large percentage whereas they are much smaller in Japan.
And Japan is one of the biggest investor in the US.  And also Japan's GPIF has 1.8 trillion USD, which is the biggest pension fund in the world.
 
谈到日本的债务，不仅应该考虑政府债务，还应该考虑公共部门的债务与日元的稳定性。例如，美国的住房贷款债务和信用债务占据了相当大的比例，而在日本则小得多。而日本也是美国最大的投资者之一。此外，日本的年金投资基金（GPIF）有1.8万亿美元，是世界上最大的养老金基金。
 
@Helyanweh
Amazing graphs and visuals, but the sound design could sometimes be a bit distracting. At some point (around 4:35) I even thought my phone was buzzing, but it turned out to be part of the video.
 
精彩的图表和视觉效果，但音效设计有时会有点分散注意力。在某个时刻（大约4:35），我甚至以为我的手机在震动，但结果发现那是视频的一部分。
 
@thomHD
The LDP will keep doing what it's always done: raising debt, safe in the knowledge the media will seldom if ever report it - and knowing the public will never protest. It's unique among developed nations in this way. Cultural exceptionalism and economic policy go hand in hand.
 
自由民主党将继续做他们一直以来的事情：增加债务，心里明白媒体少有报道这个问题，并且知道公众永远不会抗议。在这方面，它在发达国家中是独一无二的。文化特例主义和经济政策密切相关。
 
@ファンp
As a Japanese, I am optimistic about this situation. It is true that rising prices may be painful for the people, but it is better than deflation. In fact, Japan's capital investment, wages and stock prices have reached new record highs. The gap may widen more than it is now, but it is good that the Japanese economy has begun to move.
 
作为日本人，我对这种情况感到乐观。确实，价格上涨可能对人们造成痛苦，但这总比通缩要好。实际上，日本的资本投资、工资和股价都达到了新的历史高点。差距可能会比现在更大，但日本经济开始恢复运转，这很好。
 
@edilee5909
Growth is not possible in the domestic market in Japan. If you live here, you will see how there are less and less consumers every passing month due to aging and population decline.
Unless Japan finds large export markets, the liquidity flowing into stocks cannot yield much growth...
 
在日本，国内市场的增长是不可能的。如果你住在这里，你会看到由于人口老龄化和减少，消费者每个月都在减少。除非日本找到大的出口市场，否则流入股票市场的流动性无法带来太多增长……
 
@coolhandluke1503
Opposite In Australia, expectations are next time you see eggs the prices will go up
 
在澳大利亚正好相反，预计下次见到鸡蛋时，价格会涨。
 
@mattbas-vi7750
As someone who thinks inflation makes no sense in a finite world, I'm sad the system I thought sensible will go down due to the rest of the world rushing off a cliff so the speculation keeps rolling. . .
 
作为一个认为在有限世界中通货膨胀毫无意义的人，我很难过我认为合理的系统会因为世界其他地方急于跳崖而崩溃，从而使投机不断继续……
 
@johnfranco-vo4dk
In the US the reason we have such high price inflation is because since 2020 the FED has printed up massive amounts of dollars thereby duing the currency causing higher prices. Gold and Silver are going up due to the debasement cycle. Fiscal deficits high debt to GDP .I wonder if the BOJ printed up massive amount of Yen causing inflation.
 
在美国，我们之所以有如此高的价格通胀，是因为自2020年以来，美联储印刷了大量美元，从而贬值了货币，导致价格上涨。由于贬值周期，黄金和白银的价格也在上涨。财政赤字和债务占GDP的比率很高。我想知道日本银行是否也印刷了大量日元导致通货膨胀。
 
@AprilBloomer
I don't think inflation is that normal in north america.  We've been seeing prices rise since the pandemic but before then, prices of goods and services were very stable. Now i feel like everytime i go shopping the price has changed. I get that inflation was a thing but it was not noticeable. Housing prices started going up and suddenly companies realized they can charge a lot more for their goods and people will still buy it.
 
我不认为通货膨胀在北美是那么正常。自疫情以来，我们看到价格上涨，但在此之前，商品和服务的价格非常稳定。现在我觉得每次去购物时，价格都在变。我明白通货膨胀是个问题，但之前并不明显。房价开始上涨，突然公司意识到他们可以对商品收取更多的费用，而人们仍然会购买。
 
@markgriessie3697
Dont forget to mention the plaza accord which was forced by the usa on japan which caused their bubble
 
别忘了提到广场协议，这是美国强迫日本接受的，这导致了他们的泡沫。
 
@donm1612
The move from savings to investing in equities covered toward the end was really interesting.
I see from elsewhere that there is even a considerable move toward investing in foreign equities.
This is a fascinating trend and could be a program by itself.
 
最后提到从储蓄到投资股票的转变真的很有趣。我看到其他地方甚至有相当一部分资金流向外国股票。这是一个迷人的趋势，可能本身就可以成为一个专题。
 
@laxer3a
Talk about the yen weak currency without talking about the carry trade, foreign debt holding of Japan is kinda missing huge points. Japan has been also a net exporter for many many years. There is a lot of trader borrowing YEN to buy USD with high multiple to earn interest rate difference, everybody in japan including their goldfish is having money in the U.S. stock market, etc... If the U.S. stock market crashes again like in the 2000 with the internet bubble, it would not be surprising to see the yen increase by 50% with a lot of money flying back to japan and trader unwinding their positions.
 
谈到日元贬值的货币问题，却没有提到套息交易，日本的外债持有情况也缺少了重要的观点。日本多年来一直是净出口国。许多交易者借入日元以高杠杆购买美元，从中赚取利率差异，甚至连日本的金鱼也在美国股市投资。如果美国股市再次像2000年互联网泡沫那样崩溃，看到日元上涨50%并不奇怪，因为大量资金会回流到日本，交易者会平仓。
 
@Henry871026
Japan supermarkets are notorious on packing the fruits and vegetables in plastic bags which are very unnecessary.
 
日本超市因将水果和蔬菜装在塑料袋中而臭名昭著，这种做法非常不必要。
 
@Capt.Steele
I despise the amount of people citing the plaza accord for all of Japan's woes.
Not only does it infantilize the country, but it hand waves the reason the accord had such a devastating effect in the first place. The land around the Imperial palace had a higher property value than the entirety of California, it was already a bubble and it was going to burst regardless of what America did.
It is entirely on the Japanese government for their inability to prevent the situation in the first place, respond in a timely manner to the crash, or do literally anything differently in the next 40 years.
 
我厌恶那些把广场协议作为日本所有问题根源的人。这不仅使这个国家显得幼稚，而且忽略了协议为何会产生如此毁灭性影响的原因。皇宫周围的土地价值高于整个加利福尼亚，那已经是一个泡沫，无论美国做什么，它都注定会破裂。
日本政府完全应该为其未能在第一时间防止这种情况、及时应对崩溃或在接下来的40年里采取任何不同的行动负责。
 
@Cyrus09
the easiest solution for the Japanese government is to liquidate their US bonds and use the money to fund all the subsidy projects. they are sitting on a stack of trillion dollar papers which don't do anything AT ALL in reality. just cash in those 'i owe you' and they can do whatever they want to do without increasing more debts.
 
日本政府最简单的解决方案就是清算他们的美国债券，用这些钱来资助所有补贴项目。他们手里有一堆一万亿美元的债券，但实际上这些债券并没有任何作用。只需兑现这些“我欠你的”，他们就可以随心所欲，而无需增加更多债务。
 
@3x3Qt
Japan didn’t have inflation for decades, but people still felt poorer because taxes and social insurance kept rising. Consumption tax and income tax have been steadily going up, and the even if the price of products remained the same, the contents shrunk.
 
日本几十年没有通货膨胀，但人们仍然感到更贫穷，因为税收和社会保险不断上升。消费税和所得税稳步上升，即使产品的价格保持不变，内容却减少了。
 
@oSJmee
The dependency on gas as a energy source is a mayor problem around the world, hopefully countries like Japan go wind & solar FAST. Will lower the cost of energy significantly.
 
对天然气作为能源来源的依赖是全球一个主要问题，希望像日本这样的国家能迅速转向风能和太阳能。这将显著降低能源成本。
 
@DeanBateman-f5s
Last month, I attended a concert at K-Arena in Yokohama, where two 16-oz (~ 500 mil) draft beers cost $8.98. A concert at the Honda Center in Anaheim cost me $47.97 for two 25-oz cans. That alone explains my interest in living in Japan—Beer Economics 101.
 
上个月，我在横滨的K-Arena参加了一场音乐会，两杯16盎司（约500毫升）生啤酒花费了8.98美元。而在安纳海姆的本田中心，一场音乐会我花了47.97美元买了两罐25盎司的啤酒。仅此一点就解释了我想住在日本的原因——啤酒经济学101。
 
@Zatsu-vw1fs
Meanwhile, unemployment rate remains so low, meaning they buy cheap workforce in exchange for job seats. As usual, ordinary people are supposed to suffer the burden of economy for the sake of nation.
 
与此同时，失业率保持在很低的水平，这意味着他们以便宜的劳动力换取工作岗位。像往常一样，普通人被期望承担经济负担，以换取国家利益。
 
@kei.motion
Interesting topic. Surface analysis. Person hearing about this for the first time in their lives would have the same understanding of the topic using only common sense
 
有趣的话题。表面分析。第一次听到这个话题的人，只用常识就能对这个话题有相同的理解。
 
@sulton-max
inflation is nothing more than round-robin style short term profit gain per industry by completely sacrificing customers. change my mind
 
通货膨胀不过是各个行业短期利润的循环获得，完全牺牲了顾客。改变我的想法。
 
@SRAVANTHVANGARA
Inflation for Japan is desirable if it comes from internal factors and not external. In this case, inflation is led by external shocks like energy price hikes. So all the inflation goes out of the country and the country is left with lesser real money.
 
如果日本的通货膨胀来源于内部因素，那是可取的，而不是外部因素。在这种情况下，通货膨胀是由外部冲击引起的，比如能源价格上涨。因此，所有的通货膨胀都会流出国家，而国家则留下更少的实际货币。
 
@-q8c
The exchange rate issue is largely a fiscal problem, rooted in the growing cost of social security. Also, it was abnormal that rice prices remained unchanged for nearly thirty years in the first place.
The people making a fuss about rice prices are the same ones who call rice the staple food of the Japanese, yet dismiss anything other than certain domestic brands of new-crop rice as livestock feed.
Both rice prices and social security costs are ultimately problems of the same kind of populism.
 
汇率问题在很大程度上是一个财政问题，根源在于社会保障成本的不断增加。此外，稻米价格在近三十年内保持不变本身就是不正常的。那些对稻米价格大喊大叫的人，恰恰是那些称稻米为日本主食的人，但却将除某些国内品牌的新稻米以外的任何东西都视为牲畜饲料。稻米价格和社会保障成本最终都是同一种民粹主义的问题。
 
@Dynasty1818
Pretty poor journalism.  Not once did you mention the mass of rice Japan imports from the US, which absolutely is driving up prices.  Domestic rice production is some of the poorest they've ever experienced so they're importing more, prices go up.  There, did your job in minutes.
 
这篇报道相当差劲。你一次都没有提到日本从美国进口的大量稻米，这绝对在推高价格。国内稻米生产处于历史最低水平，因此他们进口更多，价格就上涨。好了，我几分钟就完成了你的工作。
 
@evilintheeast
Japan needs to go through the government and eliminate the waste first so they don't overtax the people then they will spend more money .
 
日本需要通过政府首先消除浪费，这样就不会对人民过度征税，然后他们就会花更多的钱。
 
@wiegraf9009
Regarding the question at the end, whether or not Japan will return to high growth, that simply doesn't seem possible given the country's demographics and advanced economic status. In the boom era Japan had a large young population, which certainly isn't the case anymore.
 
关于最后的问题，日本是否会恢复高速增长，这在考虑到该国的人口结构和经济发展水平时似乎是不可能的。在经济繁荣时期，日本有大量年轻人口，而现在显然不是这种情况。
 
@vhdlx
the problem with these kind of videos is they're fundamentally political, as much as they'd like to impress a scientific/technocratic image. japan is targeting internal domestic concerns over trying to maintain fx parity with foreign nations. japan can never default on their debt. raising rates is inflationary not deflationary (especially when you're talking about servicing very high debt levels). higher net financial flows to private sector increases aggregate spending, and pushes more money abroad via yen-carry trade and imports (will mostly show up as imported inflation for a country like japan).
japan seems okay with inflation because they're trying to induce wage growth and boost export competitiveness in a new world of tariffs.
 
这类视频的问题在于它们从根本上是政治性的，尽管它们想要给人一种科学/技术专家的形象。日本正在关注内部国内问题，而不是试图与外国维持外汇平价。日本永远不能违约其债务。提高利率是通货膨胀而不是通货紧缩（尤其是在谈到非常高的债务水平时）。对私营部门的净金融流入增加了整体支出，并通过日元套息交易和进口将更多资金推向国外（对于像日本这样的国家，这将主要表现为进口通货膨胀）。日本似乎对通货膨胀感到满意，因为他们试图刺激工资增长并提升在新关税时代的出口竞争力。
 
 
@martymcfly256
Japan owns nearly all of its massive national debt. That makes interest rates irrelevant in terms of servicing the debt. The BoJ cannot run a profit. Therefore, any interest income the BoJ makes on the debt it owns then gets put back into the government's revenue stream. It's a flow through.
 
日本几乎拥有其所有庞大国债。这使得利率在债务服务方面毫无意义。日本银行无法盈利。因此，日本银行从其拥有的债务中获得的任何利息收入都会回到政府的收入流中。这是一个循环过程。
 
@heww3960
Deflation isa  good thing, the cause can be bad but deflation itself is always a good thing. Inflation is always bad. And that we have inflation despite all the technical advances we have had, shows how badly run the world is by our leaders.、
 
通货紧缩是一件好事，虽然其原因可能不好，但通货紧缩本身总是好事。通货膨胀总是坏事。我们尽管经历了所有技术进步，却依然有通货膨胀，这表明我们的领导层管理得非常糟糕。