It does so by running a substantial government budget deficit (~3-4%). Japan has not had a surplus since the early 90's and it seems unlikely it will generate

It does so by running a substantial government budget deficit (~3-4%). Japan has not had a surplus since the early 90's and it seems unlikely it will generate one this decade [1], challenging traditional economic wisdom on the consequences of financing your country by printing money (the Japanese central bank is key buyer of government issued bonds). As a result, Japan has the highest government debt level in the developed word, well over 200% of GDP [2]. [1] https://www.reuters.com/article/us-japan-economy-fiscal/japan-delays-budget-surplus-forecast-to-fy2027-as-fiscal-reform-struggles-idUSKCN1UQ0ZU https://www.reuters.com/article/us-japan-economy-fiscal/japa... [2] https://commodity.com/debt-clock/japan/ https://commodity.com/debt-clock/japan/