Most, if not all articles analysing any gloom/doom in Japan seem to conveniently ignore that most of Japan's debt is owed within the country completely unlike what European sovereigns like Greece etc are suffering from. The net external debt situation of Japan is much better than most developed countries. Any restructuring of debt will be within the nation rather than being at the mercy of creditors abroad and hence will "remain in the family". In fact a look at the complete balance sheet of Japan shows it's a major creditor nation (http://www.reuters.com/article/2012/05/22/us-japan-economy-asset-idUSBR…). Would love to hear points for/against this.