yen 0.0 0  50  100  150  200  gross national savings / total investment, tril. yen  Sources: Cabinet Office, "System of National Accounts"; Bloomberg. 15  Nakamura and Yagi ibid.
(see footnote 9) estimates that, in the case where the ratio of net government debt to GDP exceeds 90 percent, a 1 percentage point increase in the ratio of fiscal deficit to GDP would push up nominal long-term interest rates by 0.26 percentage points. This estimate is around 8 times as much as the one presented in my speech today.