英国和日本：增加短期借款，面临利率波动风险

Group 1 - The core viewpoint of the article highlights that the UK and Japan are increasing short-term borrowing in response to rising investor demand, which may reduce government interest payments but exposes them to risks from interest rate fluctuations [1] - In 2023, the UK significantly reduced long-term bond sales to a record low and is considering expanding the ultra-short-term note market [1] - Japan is responding to calls for increased short-term debt issuance after facing sell-offs in long-term bonds [1] Group 2 - According to Mizuho Securities strategists, if interest rates rise, interest expenses could suddenly increase significantly, reflecting inflation pressures and a weakened demand for long-term debt from traditional buyers [1] - For decades, UK pension funds have purchased long-term bonds to match liabilities, allowing the UK to extend the average maturity of bond issuance; however, many of these plans are gradually coming to an end [1]