The public and total nonfinancial debt burdens in Japan have risen well beyond levels that have proved unsustainable in other countries, owing largely to the fact that the preponderance of that debt is owed domestically. From an external perspective, Japan is the largest net creditor in the world.
Dual-network debit cards and least-cost routing The second issue is dual-network debit cards and least-cost routing. The Board has long held the position that merchants should have the freedom and the capability to route debit card transactions through the lower-cost network. The Government and a wide 4/6  BIS central bankers' speeches  range of stakeholders have a similar view.