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Licensed Unlicensed Requires Authentication Published by De Gruyter May 11, 2023

Government Debt and Monetary Policy Perspectives in Japan

  • Hiroaki Miyamoto ORCID logo EMAIL logo
From the journal The Economists’ Voice


Amid rising global inflation, Japan, which has long struggled with deflation, is now witnessing increasing prices. Inflation and the appointment of a new Bank of Japan governor in April 2023 bring the future of its monetary policy into question. Changes in monetary policy could significantly impact the economy, particularly public finances, given Japan’s high debt. The Bank of Japan must carefully observe market reactions to changes in monetary policy, while the government should aim to improve its fiscal situation. In the meantime, Japan must carefully consider the effectiveness and potential drawbacks of monetary and fiscal policies.

JEL Classification: E52; E62

Corresponding author: Hiroaki Miyamoto, Tokyo Metropolitan University, Hachioji, Japan, E-mail:


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Received: 2023-04-25
Accepted: 2023-04-27
Published Online: 2023-05-11

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