Yep, that´s right USD/JPY approaching 76.31 - the low just reached after the Japanese earthquake with over 200% debt/GDP.
95% (or thereabouts) of that debt is held by Mr & Mrs Watanabe, which makes all the difference in the world.
And many Japanese are willing to give up the money if the country is in financial trouble. In worst case, all they need is simple statement from Emperor. "This country needs your coorperation" Japanese debt problem will disappear overnight.
That's what you see when you don't use the weakening of your currency as an economic gimmmick to fein growth and prosperity.