It feels like the "Japan's bankrupt" story has been running for half a decade and yet their cost of borrowing is still incredibly low. As the FT points out, Greece looks like a model of propriety and thrift compared to Japan but somehow the market's perception of Japan as a haven survives.

It feels a bit like the quiet before the 2007 crisis when banks knew there was a "correction" coming but kept lending and lending to increasingly indebted companies and individuals because they'd always paid their bills (right up until they didn't).

I have yet to hear a sensible scenario in which Japan pays it's debts - but somehow that doesn't seem to matter.

I may be oversimplifying but in honesty, I just don't get it.