Hi Anders. I think I agree with everything you've said. I am not particularly concerned about a default, per se, as some comments have intimated for the reasons outlined. I am concerned about the value of JGB's and the levels of Yields on JGB's / interest rates, the value of the Yen and an inflationary spiral. I don't claim to know how exactly it will manifest itself. My point is simply that the status quo is changing and it will affect the national debt, the Japanese economy and the Japanese people (i.e.JGB's) in a material way. Exactly how and where it manifests itself will depend in large part on the future actions of the Japanese Government and the Bank of Japan.