The Democratic Party of Japan is latching onto the issue of U.S. debt as a campaign issue.
If in power, the BBC reports, they would make a policy of only lending to the U.S. if the debt is denominated in Yen, rather than dollars. The move would make it virtually impossible to print our way out of debt.
At this point, it doesn’t look as though the Democratic Party of Japan is going to win the election, so for now, we probably don’t have anything to worry about. The more interesting question is whether the party finds this to be an effective wedge issue to gain traction in the election.
Losing parties all over the place grasp for stuff like this in hopes of turning around electoral fortunes. If it prompts some movement in its direction, it could at least force the current, ruling party to move more in this direction — prompting some kind of victory, even if technically they lose.
(via Market Ticker)