US economists should avoid writing about Japan, it's unique and few Americans understand it. Japan is a good example that Keynesian policy doesn't work but that is about all he gets right. Their debt is all domestic as the Japanese have been feathering the powerful construction interests for 3 decades trying to stimulate their economy. It hasn’t worked. They have been trying to weaken the Yen for that same period but it keeps getting stronger. They'd like a little currency crisis but fear inflation above all. They want a weaker yen without inflation, a stronger real estate market without letting it reach bottom or harm power financial interests, and lower prices without having to compete with imports or allow foreign workers.