일본 빚이 1경인데 빚 더 늘리는 이유 (한국외대 융합일본지역학부 이창민 교수)

💡Summary Controversy is mounting as the "Active Fiscal Policy" faction, which supports the Sanae Takaichi administration in Japan, has removed long-standing fiscal consolidation targets from official documents. The removal of the target for a primary balance surplus was interpreted by the market as a signal that there would be no restrictions on the issuance of new government bonds, further accelerating the depreciation of the yen. Coupled with the reduction of the food consumption tax and large-scale public-private investment plans, concerns have also been raised regarding the direction of increasing spending without disclosing funding sources. The Active Fiscal Policy faction identifies corporate avoidance of investment as the fundamental cause of Japan's failure to grow for 30 years. Their logic is that as companies increased savings and reduced investment, so-called net demand for funds approached zero, and the economic stagnation became entrenched because the government, obsessed with fiscal consolidation, cut spending. Citing examples where tax revenues and fiscal indicators actually improved following large-scale fiscal spending during the COVID-19 pandemic, they argue that temporary fiscal expansion is necessary to boost domestic investment. While the opposing camp points to the risks of surging national debt and rising interest rates, proponents of active fiscal policy counter that Japan's fiscal condition is sound compared to major nations when viewed on a net debt basis, excluding government-held financial assets. U.S. Treasury Secretary Scott Besent's intervention in the foreign exchange market amidst the recent yen depreciation is also interpreted as an extension of this debate. With arguments for loosening fiscal spending to revive domestic investment clashing with concerns that fiscal soundness must be protected first, how should we view this experiment by Japan? 📌Key Topics Abandonment of Fiscal Consolidation Goals 30-Year Recession of Corporate Underinvestment Controversies over Net Funding Demand Theory U.S. Intervention in the Yen Market Fiscal Soundness Based on Net Debt [This is an AI-generated summary of the video] 👉Understanding Inquiries: [email protected] 👉Read "Understanding Text". https://contents.premium.naver.com/ba... 👉 Join Understanding Membership @understanding. ■ If you want to read this video as text → Understanding Egloos Link: https://egloos.com/understanding