I’m not an expert of policy or economics. I’m just trying to look into the public finance of Japan as a foreigner.
No need for me to say that a big part of Japanese public finance relies on raising debt as most Japanese people know.
To make it easier to image, if the tax revenue is around 500 billion USD and the budget is 1 trillion USD, then the left gap of 500 billion USD come from raising debt.
Simply by considering the finance of a common family, the income every month is 5,000 USD, but the expanse is 10,000 USD. So the family needs to borrow 5,000 USD every month to support their living!!!
How could Japanese government borrow so much money?