在当前欧洲主权债务危机愈演愈烈的背景下,政府破产这一在中国人难以想象的话题,开始逐渐为国人和学术界所讨论和研究,而与主权债务相比,地方政府的债务并不为人们所关注。日本作为世界重要的经济体,其正经历着深刻的财政金融改革,而其地方政府债券市场的管理和发展模式,值得我们进行研究和借鉴。本文将重点关注日本的财政金融体制改革下,日本地方政府债券市场的发展、变化及最新情况,以期为中国日益深化的财政金融改革提供给参考。 In the current context of escalating sovereign debt crisis in Europe, the topic of bankruptcy of government, unimaginable by Chinese people, began to be gradually discussed and studied by people and academics. Compared with the sovereign debt, the debt of local governments is not for people Concerned. As an important economy in the world, Japan is experiencing profound financial reform. The management and development mode of its local government bond market deserves our study and reference. This article will focus on the development, changes and the latest situation of Japan’s local government bond market under the reform of Japan’s financial and financial system with a view to providing a reference for China’s deepening financial and financial reform.