http://www.forbes.com/sites/jamesgruber/2013/03/23/japan-is-the-real-crisis/
Given the inherent frugality of Japan's population, it seems hard to believe. On the other hand, given the Congress-like corruption of its politicians, there may be many bridges-to-nowhere which get built. A regional currency devaluation race could however have negative ripple effects which will even affect China.
Meanwhile, the Japanese ambassador to US gives his speech on the future initiatives from Japan's govt:
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