i believe the rest of this rather brief article is worth reading and remembering. A collapse of the Japanese monetary system will have a large impact on the global markets. Plus there are lessons for the US since Obama and Congress seem intent to follow the same path.
I have felt rather lonely after suggesting in my New Year Predictions that Japan is dangerously close to blowing up on its sovereign debts, with consequences that will be felt across the world.
My intended point — overly condensed — was that 2010 will prove to be the year that Japan flips from deflation to something very different: the beginnings of debt monetization by a terrified central bank that will ultimately spin out of control, perhaps crossing into hyperinflation by the middle of the decade.
I will try to acquire a copy of the Dylan Grice research.