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Notwithstanding the stability of the market for Japanese government debt, the cost of servicing Japan's public debt uses up half of the state's tax revenues, and the cost of importing energy in the wake of the 2011 Fukushima disasterhas also negatively impacted Japan's longstanding current accountsurplus. [ 13]
History[edit]
In 1944, during the Pacific War, the amount of governmental debt exceeded national income  [jp]by 260%. [ 16]
In 1947, during postwar economic chaos, the amount of bonds the government issued exceeded tax revenue. Later, it was thought that this was the root cause of postwar inflation, and the Japanese government enacted the Public Finance Act of Japan in response. The act established a balanced fiscal policyby prohibiting: 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. [