前日本央行官员表示，随着通胀侵蚀政府债务的实际价值，日本获得了估计达195万亿日元（约合1.2万亿美元）的财政空间，他并称这一益处或有助于首相高市早苗为其防务和投资计划提供资金。
Japan has gained an estimated ¥195 trillion ($1.2 trillion) in fiscal room as inflation erodes the real value of government debt, according to a former Bank of Japan official, who says the benefit could help Prime Minister Sanae Takaichi fund her defense and investment plans.
东京大学荣誉经济学教授渡边努表示，政府从市场利率上升与其在1100万亿日元未偿债务上实际支付的利率之间的滞后中获益。渡边努周三在东京出席由法国外贸银行举办的一场活动时作出了上述表述。
Tsutomu Watanabe, an emeritus economics professor at the University of Tokyo, said the government gains from a lag between rising market interest rates and the rates it actually pays on its ¥1,100 trillion outstanding debt. Watanabe was speaking at an event hosted by Natixis, a French bank, in Tokyo on Wednesday.
这笔由此产生的意外之财被称为“债务人收益”，高于渡边努去年在前首相石破茂手下的政府小组会议上演示时估计的180万亿日元。
The resulting windfall, known as a “debtor’s gain,” is up from ¥180 trillion Watanabe estimated last year in a presentation to a government panel under former Prime Minister Shigeru Ishiba.
作为于1999年离开日本央行的顶尖通胀专家，渡边努在发表上述言论之际，高市早苗正因其计划如何为代价高昂的政策议程提供资金而面临越来越多的审视。在年底编制预算之前，其政府正为增加防务支出、对战略产业的投资以及其他倡议寻求资金，投资者正密切关注这对日本公共财政产生的影响。
Watanabe, a leading expert on inflation who left the BOJ in 1999, spoke as Takaichi faces growing scrutiny over how she plans to finance her costly policy agenda. Her government is seeking funding for increased defense spending, investments in strategic industries and other initiatives ahead of year-end budget compilation, with investors closely watching the implications for Japan’s public finances.
对政府而言，通胀是一把双刃剑，它在侵蚀债务实际价值的同时，最终也会推高借贷成本。通胀带来的意外之财可以提振高市早苗为支出议程筹资的努力，同时控制国债发行量。
Inflation is a double-edged sword for the government, eroding the real value of debt while eventually raising borrowing costs. The windfall from inflation could bolster Takaichi’s efforts to fund her spending agenda while keeping bond issuance in check.
不过，渡边努警告称，这些收益将是暂时的，对于长期承诺而言，仍需要更多可持续的资金来源。
Still, Watanabe cautioned that the gains would be temporary, requiring more sustainable funding sources for longer-term commitments.
渡边努说：“债务人的收益是从零通胀过渡到2%通胀过程中的一次性红利。重要的是明智地使用它。”
“The debtor’s gain is a one-off bonus from the transition from zero inflation to 2%,” Watanabe said. “What’s important is to use it wisely.”