Forget the European Union crisis, Japan’s sovereign debt (such as government bonds) is now almost double that of Italy, and more than Greece.  Some analysts say there is not enough money in Japan to pay the debt.

NHK interviewed two Japanese economic/finance analysts.  One, Hiromichi Shirakawa, of Credit Suisse, said Japan’s economic problems are not cyclic, but structural.  This means there is something inherently wrong with Japan’s economic/finance system, and if not dealt with now things will get even worse in three to four years.

The other analyst, Yasunari Ueno, of Mizuho Securities, said Japan’s government needs to implement “total fiscal reforms” now!