80 Years On: Japan's Fiscal Discipline as Wartime Lesson Eroding

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Tokyo, Aug. 23 (Jiji Press)–Japan’s postwar fiscal discipline rules are at risk of becoming mere formalities as the amount of outstanding government bonds snowballs to cover swelling social security, defense and other costs. Since the start of the Second Sino-Japanese War in 1937, Japan had repeatedly issued wartime government bonds to fund military expenditures, and most of the bonds had …

Tokyo, Aug. 23 (Jiji Press)–Japan’s postwar fiscal discipline rules are at risk of becoming mere formalities as the amount of outstanding government bonds snowballs to cover swelling social security, defense and other costs. Since the start of the Second Sino-Japanese War in 1937, Japan had repeatedly issued wartime government bonds to fund military expenditures, and most of the bonds had …