Lowest level in five years, now at 3.87% i.e. down by half since 2012
Central Banks will subsidize debt accumulation until such time as it all explodes in our face yet again and then everyone stands around saying "Aw fuck, not this again !"
Ponzi Borrowing Japanese Style
The Japanese government has been monetizing its debt off and on for 20+ years. The compound annual growth rate in Japan's National debt is 5.5% versus average nominal GDP growth of 3% since 1990 (with massive fluctuations). The Japanese "borrow from themselves" which is another way of saying that they are squandering their own savings as current consumption and writing worthless IOUs to future generations. All of which will work great until it fails catastrophically.
Japanese Federal Debt a Ludicrous 200% of GDP
One other thing to note is that the downtrend since 2007 is firmly in place (lower highs) likely indicating relative Euro-zone economic weakness.
It's a multi-decade consumption binge propagated under the wholly bastardized pretense of Keynesian economics. Keynes would be rolling over in his grave to see how the Lost Boys hijacked his ideas to rationalize this unsustainable catastrophe. And how desperate are older generations to maintain the status quo at all costs during their lifetime just to have it all collapse on the heads of their children and grandchildren? Overwhelmingly desperate. No amount of borrowing is too much. Pathetic.
It's an extremely dangerous game being played here and the vast majority have absolutely no clue that it's even being played...