Japan is doing just fine. Are you silly enough to think it has declined into a Spain or Portugal? China has turned into an economic powerhouse over the last 30 years via exports. We owe them a few trillion, not the other way around.
The only recent event that dented Japan has been that earthquake and tsunami
I didn’t say Japan was a Spain or Portugal. Here: http://en.wikipedia.org/wiki/Lost_Decade_(Japan)
As for the “economic powerhouse” of China: http://www.telegraph.co.uk/finance/china-business/8821094/Chinas-debt-spree-returns-to-haunt.html
Also: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6575883/China-has-now-become-the-biggest-risk-to-the-world-economy.html