Question: What was the most prominent negative result of deficit spending?
About the article "Great Depression", section "Japan".

Candidate passages:
The Great Depression did not strongly affect Japan.
The Japanese economy shrank by 8% during 1929–31.
Japan's Finance Minister Takahashi Korekiyo was the first to implement what have come to be identified as Keynesian economic policies: first, by large fiscal stimulus involving deficit spending; and second, by devaluing the currency.
Takahashi used the Bank of Japan to sterilize the deficit spending and minimize resulting inflationary pressures.
Econometric studies have identified the fiscal stimulus as especially effective.
The devaluation of the currency had an immediate effect.
Japanese textiles began to displace British textiles in export markets.
The deficit spending proved to be most profound.
The deficit spending went into the purchase of munitions for the armed forces.
By 1933, Japan was already out of the depression.
By 1934, Takahashi realized that the economy was in danger of overheating, and to avoid inflation, moved to reduce the deficit spending that went towards armaments and munitions.
This resulted in a strong and swift negative reaction from nationalists, especially those in the army, culminating in his assassination in the course of the February 26 Incident.
This had a chilling effect on all civilian bureaucrats in the Japanese government.
From 1934, the military's dominance of the government continued to grow.
Instead of reducing deficit spending, the government introduced price controls and rationing schemes that reduced, but did not eliminate inflation, which would remain a problem until the end of World War II.
The deficit spending had a transformative effect on Japan.
Japan's industrial production doubled during the 1930s.
Further, in 1929 the list of the largest firms in Japan was dominated by light industries, especially textile companies (many of Japan's automakers, like Toyota, have their roots in the textile industry).
By 1940 light industry had been displaced by heavy industry as the largest firms inside the Japanese economy.
Decreased tax revenue and high spending resulted in an unusually large budget deficit of about $1.4 trillion, well above the $407 billion projected in the FY 2009 budget.
A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts.
Spending increases and tax credits resulting from the American Recovery and Reinvestment Act of 2009 accounted for another 200 billion of the budget deficit. 
Fiscal conservatism in the UK was arguably most popular during the premiership of Margaret Thatcher, who, after a number of years of deficit spending under the previous Labour government, advocated spending cuts and selective tax increases to balance the budget.
However, despite being elected in 1979, Britain's budget was not balanced until 1988.
In 2010, as a result of the deterioration in the UK's public finances caused by the Late-2000s recession and by the European sovereign debt crisis, the Liberal Democrat-Conservative Coalition embarked on an austerity programme – featuring a combination of spending cuts and tax rises – in an attempt to halve the deficit, and completely eliminate the structural deficit over the five-year parliament. 
A deficit is the amount by which a sum falls short of some reference amount.
In economics, a deficit is an excess of expenditures over revenue in a given time period; in more specific cases it may refer to: Government budget deficit *Deficit spending *Primary deficit, the pure deficit derived after deducting the interest payments  *Structural and cyclical deficit, parts of the public sector deficit Income deficit, the difference between family income and the poverty threshold  Trade deficit, when the value of imports exceed the value of exports   Balance of payments deficit, when the balance of payments is negative Deficit may also refer to: Attention deficit hyperactivity disorder, a developmental disorder characterized by attentional problems and hyperactivity Cognitive deficit, any characteristic that acts as a barrier to cognitive performance Defect (geometry), angular deficit Déficit, a 2007 Mexican film by Gael García Bernal  
Structural and cyclical deficits are two components of deficit spending.
These terms are especially applied to public sector spending which contributes to the budget balance of the overall economy of a country.
Deficit spending, or simply deficit, is defined as over-spending: the amount by which spending exceeds revenue over a particular period of time.
The total budget deficit, or headline deficit, is equal to the sum of the structural deficit and the cyclical deficit (or surplus/es).