Title: 
Headings: 

Content: 1) the issuance of government bondsto cover national debt, and, 2) the Bank of Japan from buying government bonds. Since the establishment of the 1955 System, the amount of held valuable securities in the bank – especially national bonds – had risen significantly. However, the 1965 budget issued 259 billion yen in deficit-covering bonds, and the next year's budget in 1966 allotted 730 billion yen in construction bonds.[17] By 1990, the government did not issue a national bond due to the Japanese asset price bubble. Bonds were issued again in 1994, and have been issued every year since. In 1995 (Heisei 9), Masayoshi Takemura, the former finance minister, declared the Declaration of Fiscal Crisisby issuing deficit-covering bond with higher frequency. [ 18]
National bond issuing and economic policy[edit]
During the Japanese asset price bubbleof the late 1980s, revenues were high due to prosperous conditions, Japanese stocks profited, and the amount of national bonds issued was modest. With the breakdown of the economic bubble came a decrease in annual revenue. As a result, the amount of national bonds issued increased quickly. Most of the national bonds had a fixed interest rate, so the debt to GDP ratio increased as a consequence of the decrease in nominal GDP growth due to deflation. The growth of annual revenue was slowed down by the prolonged depression.[19] Consequently, the governments started issuing additional national bonds to cover the interest payments.