This suggests that restructuring of revenues and expenditures is indeed necessary for fiscal consolidation. Although fiscal balance in Japan is deteriorating, yields on the Japanese long-term government bonds have maintained stability at the lowest level in the world.
As a result, long-term real interest rates decreased around the world, which led investors, in their "search for yield," to take on risk at lower premiums than they had demanded in the past, and to accept much higher levels of leverage in financial products and on their balance sheets to obtain their hoped-for returns.