Under such circumstances, prices in Japan – when assessed by the year-on-year rate of change in the consumer price index excluding fresh food – turned positive in the middle of this year and accelerated to 0.8 percent in August.
If fiscal consolidation starts today, then the generation which has benefited most from this debt will play the largest role in reducing it. But if consolidation is delayed, then future generations will have to bear the burden of debt reduction – this would constitute a direct transfer from our children and grandchildren to ourselves.