Japanese Implicit Default

Kenichi Ueda pointed out last year:

Those about sixty in Japan used to be implicitly promised that they should get their pensions in their early 60s. In that respect, the Japanese government has failed to meet their implicit obligation, or, frankly speaking, to pay off their debt. The Japanese government is, in a broad sense, in default.

https://sites.google.com/site/kenichiuedashomepage/