16/03/04 14:43:42.47 8kHEVbib.net
>>438の続き
（図表は省略）
So far this hasn’t caused any problems, and Japan has clearly been much
better off than it would have been if it tried to balance its budget. But
even those of us who believe that the risks of deficits have been wildly
exaggerated would like to see the debt ratio stabilized and brought down
at some point.
And here’s the thing: under current conditions, with policy rates stuck
at zero, Japan has no ability to offset the effects of fiscal retrenchment
with monetary expansion.