I really hope that if Japan is going to fail, it does so soon. This isn’t because I dislike Japan or Japanese, but because the democrats and Keynesians are holding them up as a role model, that we can still deficit spend because Japan has even greater debt than we do and is still limping along. If Japan fails spectacularly soon, it would help us all get on the same page of reducing spending.
And one more thing...China has no foreign debt! On the contrary China owns Trillions of surplus foreign currency. This is in stark contrast with Japan which has national debt exceeding 200% of their GDP.