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Japan has ways to avoid a sovereign debt crunchJapanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration
As interest rates rise, investors are once again fretting about the sustainability of government debt across the developed world. Attention naturally turns to the country with the highest debt load relative to economic output and the heaviest debt-service burden. Some bond investors liken Japan’s national accounts to a Stephen King horror story. However, appearances are deceptive. Though Japan nee
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