Why Japan isn’t broke yet (net debt plus weak yen)

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1. Interesting video on why Japan’s debt to GDP is misunderstood. If Japan’s significant investments are included in the debt calculation, the debt is 77% of GDP, so in line with many other countries.

   The paper cited in the video is this:

   [Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money](https://www.aeaweb.org/articles?id=10.1257/jep.20251452)

   Yili Chien, Wenxin Du, Hanno Lustig;

   Journal of Economic Perspectives; vol. 39, no. 4, Fall 2025 (pp. 3–26)

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