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Sunday, September 27, 2026

借金で耐えた10年、国債の逆襲

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米国・日本・欧州など主要先進国の国債金利が一斉に急騰し、低金利時代に積み上がった巨額の国家債務が世界経済の新たなリスク要因として浮上している。資金をほぼただ同然で借りられた時代には、政府が債務を増やしても利払い負担は大きくなかった。しかし最近、国債金利が数十年ぶりの高水準に跳ね上がり、状況は変わった。過去に低い金利で借りた資金の償還期限が来るたび、はるかに高い金利で借り換えて返済しなければならないためだ。低金利時代に積み上げた巨額債務が、高金利時代を迎え、各国政府に遅れて届く「利息請求書」となって返ってきている。

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