But ultimately the costs, in terms of increasing foreign exchange reserves and rising inflation, may force its hand.

FORBES: Germany And China Have The Gold And Will Make The Rules

The mining companies point out the huge benefits the project brings in terms of employment, tax revenue and foreign exchange.

ECONOMIST: A massive mining project hits a snag

The government is also due to send a delegation to Moscow this week to negotiate the terms of a loan that it hopes with bolster its depleted foreign exchange reserves.

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But in Mexican peso terms, that goes up to 10% to 11% because of the added foreign-exchange component.

FORBES: HIGHER ALLOCATIONS POSSIBLE

The stated debt is deceiving because in real terms Japan only owes the equivalent of 100% of GDP--Japan has Y1, 000, 000 billion in foreign exchange reserves and owns part of its debt, it doesn't offset debt for reporting purposes.

FORBES: Japan: Land Of The Rising Sum