“As Japan’s government debt of 1,085 trillion yen matures over time, it will be subject to … higher refinancing rates. The average maturity of Japanese government debt is six years and 11 months. Yet 17 percent of that debt matures this year, 52 percent in the next five years and 76 percent in the next decade. Markets anticipate, so Japanese bonds throughout the spectrum will probably plummet in price and leap in yield at the first sign of a current- account deficit, maybe even before.” http://www.ino.com/blogclick/14A7A6/deflation-or-inflation.html