Since about 1990, Japan has amassed the highest debt of any industrialized nation (twice the debt-to-GDP ratio of the USA, three times before the current debt s

Since about 1990, Japan has amassed the highest debt of any industrialized nation (twice the debt-to-GDP ratio of the USA, three times before the current debt spree) - and it has been in deflation (or very close to it) for the whole time.