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However, Pension funds and socialism are imploding. It is not a question of can rates be held down artificially, it is merely a question of how long can such attempts be sustained. In the case of Japan, its debt is mostly internal. Japan for a long time maintained currency controls so you could not issue private notes in yen without each note being approved by MOF (Ministry of Finance). There are no such restrictions on US dollars. Hence, the dollar debt is elastic expanding globally as private companies and foreign nations issue bonds in dollars compared the exact opposite in yen.
However, Pension funds and socialism are imploding. It is not a question of can rates be held down artificially, it is merely a question of how long can such attempts be sustained. In the case of Japan, its debt is mostly internal. Japan for a long time maintained currency controls so you could not issue private notes in yen without each note being approved by MOF (Ministry of Finance). There are no such restrictions on US dollars. Hence, the dollar debt is elastic expanding globally as private companies and foreign nations issue bonds in dollars compared the exact opposite in yen.
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