Japan's government debt has been exceptionally high among major industrialized countries for over two decades. The risks posed by this massive debt must be properly analyzed and managed.
I recall that in June 2010, Japan was branded with a failing grade among developed countries at the G20 Summit in Toronto.
Many countries had decided to mobilize massive fiscal outlays to prop up their economies, which had suffered their worst postwar declines due to the financial crisis in the fall of 2008.
