Research On Issuance、Circulation And Repayment Of Japanese Government Bonds

Government bonds had played an important role in the history of economic development inJapan. From the collapse of the bubble economy in twentieth Century90, Japan faced30years of recession. In order to stimulate domestic economic development, the Japanesegovernment executed many fiscal policy to stimulate economy, which resulting in the rapidexpansion of the scale, the balance of national debt accumulation, the Japanese financialburden had been aggravated. The world financial crisis in2008, The European Debt Crisis in2009and the Great East Japan Earthquake in2011promoted Japan’s fiscal burden heavier.Although the Japanese national debt scale expanded, Japan did not appear that bond pricesfell and bond yields rise as scholars expected, which caused the bond market collapse, eventhe outbreak of the debt crisis results. In contrast, the Japanese government bonds issuance,circulation, and repayment worked properly, and treasury bonds market orderly maintained agood running posture. This phenomenon was known as "the puzzle of Japanese debt ".This article deeply analyzed development situation of Japanese treasury bonds market in2002~2013since the mechanism of Japanese government bonds issuance circulation andrepayment. This article used historical analysis method to analyze the Japanese governmentdebt management policy. First of all, this article was based on the analysis of Japanesegovernment bonds issuing mode, variety structure and holder structure. Due to regulatorymanagement, artificial control of low issuing interest rate, and the government strengthenmarketing communications, Japanese government effectively reduced the distribution costs.Secondly, this article analyzed the formation of operation mechanism, and the maturecirculation of Japanese bonds. Due to government intervention and systematic management,Japanese bonds market effectively maintained the high liquidity. Thirdly, this article analyzedthe operation of various repayment and the government debt consolidation fund. Due toJapanese accurately computed the debt repayment period and repayment amount, Japanesegovernment ensured the national debt credit. This paper explored the mystery of debt management mechanism in Japan from the above three aspects, and make profound analysisof the reason of "Japanese debt puzzle". At last, I want to draw the following conclusion:Japan will not burst out crisis in the short term, but it may break out the sovereign debt crisisand debt crisis in the long term. Finally, this article tries to analyze the Japanese governmentdebt management policies on the effectiveness and rationality. In the end, I put forward somerelative suggestions for the debt management of China combined the reality of our country.