I don't think that Japan will present a major problem either. Their economy is very precarious. In the buying boom of the '80's and '90's they got badly overextended on loans. The property that is securing those loans is worth far less than the investors paid for it and many investors are in default.

The banks don't want the properties and, because of the Japanese cultural practice of never causing someone embarassment, they will not demand that the loan be paid.

A sticky situation.

troll