"The Bank of Japan, which has introduced monetary easing, has purchased a massive amount of government bonds. Financial institutions are buying them with their depositors’ money, so even individuals who do not own government bonds are indirectly purchasing them through financial institutions. The nation is able to have 1 quadrillion yen in debts due to the 1.5 quadrillion yen in household financial assets such as bank deposits."
Reform needed to escape depth
August 11th 2013