Myth my ass. Japanese public debt has gone from about 50% GDP in 1980 to over 200% today. Just like the US (but in spades) the Japanese have maintained the illusion of growth by borrowing it, and the moment they have to go outside the home islands to roll over that debt interest rates will rise and render the illusion unsustainable.
exactly, plus their once double-digit savings rate dipped into negative territory just recently. As the bulk of their population retires and draws down on their savings, Japan is going to resemble a giant retirement home: serene and crime-free, but isolated and inactive.
