Prime Minister Yoshihiko Noda arrives at the lower house of the Diet on October 29, 2012 to deliver a speech at the start of the Diet’s special session. (TORU YAMANAKA/AFP/Getty Images)
The standoff between Japan’s prime minister and its legislature over the debt limit is the latest sign that the world’s third largest economy may be in trouble. The consequences for Japan of failing to reach a compromise on the debt could be far reaching, ranging from credit rating downgrades to slower or stalled rates of economic growth to a backlash against the two main political parties that could change how Japan is governed over the long term.
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