The podcast analyzes Japan's surprisingly stable economy despite its exceptionally high debt-to-GDP ratio. This seemingly paradoxical situation is attributed to several factors: domestic ownership of most government bonds, the Bank of Japan's monetary policies, and high national savings rates. However, this stability comes at a cost, including slow economic growth, a weakened yen, and the persistence of unprofitable "zombie" companies. The analysis traces the roots of this situation to the bursting of Japan's economic bubble in the 1990s and the country's aging population. The podcast ultimately explores the complex interplay between debt, demographics, and economic policy in Japan's unique economic model.