Popular perception: Japanese d

Popular perception: Japanese debt is 250% of GDP and is ready to collapse at any time.

If you subtract from assets held by Japan (stocks, overseas assets, etc.), its net liabilities, Net Public Liabilities, the black line, have actually been cut since 2020, and currently only accounts for about 65% of GDP.

Asset price inflation (Asset Inflation) subtly "deflates" Japan's balance sheet pressure. This means the Bank of Japan (BoJ) is more confident than the market thinks it is in the path of normalizing policy. The yen's recent rally (up 1.19 percent today) may just be the beginning. This is a long neglected macro variable.

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