Reuters is running a long report titled: INSIGHT-Japan slowly wakes up to doomsday debt risk.
You can probably guess the gist. Japan has a lot of government debt, and some unnamed bureaucrats plus a former opposition party member says it’s a big deal and could prompt a Greek-like crisis.
Does it sound familiar?
Yes, because the media runs with this story time and time again.
Here’s the NYT from last May.
Here’s WSJ from last March.
Here’s the Economist from April of 2010.
Here’s Edward Chancellor in the FT, from November 2009.
And so on, and so on, you get the point.
In the meantime, here’s a look at Japanese 10-year yields.