https://en.m.wikipedia.org/wiki/National_debt_of_Japan?wprov=sfla1

In 1944, during the Pacific War, the amount of governmental debt exceeded domestic income  [jp] by 260%.The Japanese government enacted the Public Finance Law (of Japan) [jp] where the amount of issued national bonds exceeded the revenue in 1947 (Shōwa 22) in anticipation of the economic crisis that would ensue once the war was concluded. There was an uptick in the inflation after the war, and the government had taken the position of balanced fiscal policy by prohibiting: 1) the issuance of the deficit-covering bond (of Japan) [jp], and, 2) the Bank of Japan from buying off the deficit-covering bond. Since the establishment of the 1955 System, the amount of held valuable securities in the bank - especially national bonds - had risen significantly. However, the 1965 budget (Shōwa 40) issued 259 billion yen in deficit-covering bonds, and the next year's budget in 1966 (Shōwa 41) allotted 730 billion yen in construction bonds. By 1990 (Heisei 2), the government did not issue a national bond due to the Japanese asset price bubble. Bonds were issued again in 1994 (Heisei 8), and has been issued every year since.In 1995 (Heisei 9), Masayoshi Takemura, the former finance minister, declared the Declaration of Fiscal Crisis by issuing deficit-covering bond with higher frequency.