What is an argument against continuing to increase Japan's debt burden? Fiscal hawks make the moral argument that all debts must, eventually, be repaid. The government has 500 trillion yen of borrowed money that in effect carries no interest and never has to be paid back Fiscal hawks need to consider the negative consequences that Covid-19 brought to the Japanese working class. If long-term interest rates move sharply higher, compared to other countries, Japan is likely to experience a fiscal crisis as the government does not collect enough taxes to service its debt burden (to pay the bonds' interest expense)