A Japanese debt crisis is closer than you think

As Kazuo Ueda mulls whether to hike interest rates this week, a powerful constituency is staring back at the Bank of Japan governor: the “bond vigilantes.” Very few think Ueda’s BOJ will hike rates on Friday, despite Japanese policymakers going out of their way to claim the rate “normalization” process remains on track.The reason has less to do with tepid growth or lackluster consumer