Japan is likely to grow faster than most other developed nations this year, despite a slowdown in the third quarter, but sky-high debt continues to plague the world's third largest economy.
The country is implementing an ambitious program -- known as Abenomics -- designed to end decades of stagnation and falling prices. It includes massive monetary stimulus and fresh government spending. In a nod to fiscal discipline, the government is also hiking a consumption tax.
Related: Year of Abenomics delivers Japanese revival
For many years, ultra low interest rates allowed Japan to issue debt and not be overwhelmed by servicing payments. Debt is forecast at 244% of GDP in 2013. By contrast, government debt in the U.S. is projected to be 105% of GDP this year, while Greece's debt is estimated at 175%.
