Japan's external debt ballooned during the 'Lost Decade' of the 1990s and has since spiralled. Heavy borrowing to pay for a rapidly ageing population and to stimulate the perennially stagnant economy continues unabated, having risen to eye-popping levels during the pandemic.

Japan has long depended on ultra-low interest rates to sustain its sky-high debt levels, but with interest rates on the rise, the chickens could soon be coming home to roost.

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