In 2007, when studying fiscal policy, national debt, deficits, and entitlements, a student asked why solutions are not sought if we know that we have structural problems.

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Today, there is uncertainty about regulatory policy, uncertainty about monetary policy, uncertainty about foreign policy and, most significantly, uncertainty about U.S. fiscal policy and the national debt.

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Fair of Yale University estimates that without big changes in policy, the national debt will rise to 75% of GDP by 2020 from 50% now, while interest expense will rise to 4.3% of GDP (see chart, below).

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The new chief cabinet secretary, Yoshito Sengoku, the prime minister's gatekeeper on government policy, will want to deal seriously with both Japan's national debt and its deflation.

ECONOMIST: Banyan