After the 3·11 Earthquake, the world's focus on Japan gradually shifts from the earthquake itself to post-disaster reconstruction and the stretched Japanese public finance. Statistical data shows that the severity of Japanese government debt surpasses that of Greece, Italy and other European countries who already have a sovereign debt crisis. Faced with this situation, it is hard to imagine that Japan adheres to the principle of balanced finance. In fact, post-war Japan has maintained fiscal balance for 16 consecutive years. How Japan moves from balanced finance towards the brink of collapse? What are the inherent underlying causes? What experience and lessons could Japan's fiscal policy practice provide us? These are the main topics to be discussed in this article. <<