William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."
Sliding currency raises default and inflation risks


Health workers talk to a resident under lockdown in Beijing on June 16: Xi's China is doing self-harm to the globe's biggest trading engine. © Getty Images
William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."