The national debt has increased, with no offsetting asset placed on the government's balance sheet. 国债增加了，但并没有将起抵消作用的资产置放于政府的资产负债表之上。
This paper argues that the falling asset prices caused a mass of bad assets, which had counteracted the effects of the two policies. 本文认为，泡沫危机后日本资产价格的持续下跌，导致各经济主体出现大全的不良资产，抵消了以上两大政策的经济效应。
