Japan’s national debt exceeded 1,000 trillion yen, or $10.46 trillion, for the first time. It’s now well above 200% of the country’s GDP and is larger than that of Germany, France and the UK combined. Japan has increased borrowing this year to spend more on the country’s infrastructure as part of an ambitious program of economic stimulus aimed at ending 20 years of stagnation and falling... 

For over 50 years, one party ruled Japan virtually uninterrupted. During that time, Japan remained a loyal ally and supporter of U.S. policy. This month, a historic event took place. Japan has new leadership. In a landslide victory, a new party has done the seemingly impossible. A new freshman class of leaders now governs the Land of the Rising Sun. The effects are already rippling across the...