"As of 2022, the Japanese public debt is estimated to be approximately US$12.20 trillion US Dollars (1.4 quadrillion yen), or 266% of GDP, and is the highest of any developed nation."
Also unique in that the public debt is mostly held by citizens or local corporations (92%).
For reference, that figure is ~75% for the US, and between ~75 and 50% for most EU countries. Fun fact, the largest foreign debt holder of the US is...Japan.
* The Nikkei 225 stock market indicator reached a high of about 40k in 1989, but dropped to a quarter with the collapse of that asset bubble, and has not recovered that yet (it just recently hit 30k). This period was known as the "lost decade" [1]
* Japan has had very low (near zero) rates for nearly three decades, more than twice as long as the rest of the world.
* Demographics: the transition to low birth rates, shrinking and ageing population started earlier than most other countries
I believe Nikkei total return, i.e. with dividends reinvested, is higher than in 1989. So even money invested in 1989, if not touched, eventually outperformed cash. But it took a while.
https://en.wikipedia.org/wiki/National_debt_of_Japan