https://www.project-syndicate.org/commentary/global-implications-of-japan-raising-interest-rates-by-barry-eichengreen-2025-12
https://www.project-syndicate.org/commentary/global-implications-of-japan-raising-interest-rates-by-barry-eichengreen-2025-12
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SS: “BOJ has a well-earned reputation as a canary in a coal mine”
* BOJ signals on rate hikes triggered US Treasury sell-offs.Rising Japanese rates could push up global bond yields, affecting the US. Higher Japanese yields attract investors from US Treasuries and raise debt concerns.
* Japan’s debt ≈ 230% of GDP. Japan’s taxes as % of GDP are above OECD average. Higher rates would strain budgets. ([https://ourworldindata.org/grapher/tax-revenues-vs-gdp-per-capita?time=2016..latest](https://ourworldindata.org/grapher/tax-revenues-vs-gdp-per-capita?time=2016..latest))
* US advantage: raising taxes could eliminate the primary deficit and stabilize debt.