https://www.stlouisfed.org/on-the-economy/2023/nov/what-lessons-drawn-japans-hi… Created Tue, 14/11/2023 - 21:30 Updated Tue, 14/11/2023 - 21:30 Taking into account other public liabilities and assets can provide a clearer picture when comparing Japan’s debt-to-GDP ratio with that of the U.S.