But this time, the debts are considerably enormous and the FED cannot possibly take the larger portion of it. Without the domestic incentives, and, with the lack of major investors, they cannot present the collateral necessary to float. Late November, Ray Dalio, an investor with 35 years of experience in the Asian markets, had roughly mentioned the lack of interest from the domestic actors.
If the Biden administration is determined to follow the Trump administration's Asia policies, especially the ones concerning China and Taiwan, I don't see a comfortable solution for the inevitable debt crisis. Japan cannot do much on its' own as their growth rate was far from being competitive, even before the pandemic...