Japan’s outstanding general government debt has reached about 250% of its GDP – an extraordinarily high level even by global standards. For comparison, the figure for Greece is roughly 170%, the second highest. Despite this size, Japan has never experienced a so-called ‘default’ or ‘fiscal crisis’ since about 1950. The issue of ballooning government debt rarely sparks major debate in Japan’s Diet [parliament] or among the public. But there are pressures related to the large issuance of Japanese