Japan has been priming the pump for years, trying to get out of economic stagflation. They keep financing their spending to get out of a deep recession that began decades ago, by constantly issuing bonds.
They are able to do this because they are not as dependent as the U.S. on foreign countries to buy and keep owning their debt. The U.S. bond market depends to a much greater extent on other countries holding U.S. Treasury bonds as an investment. And the U. S. dollar has historically been far more a reserve instrument than the Japanese yen.
Still, prices in Japan are high, and consumer and business conditions are dismal. Not where you can say Japan is getting away with deficit spending.
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