Japan could face debt crisis similar to Greece, warns PM

New prime minister Naoto Kan warned today that Japan could face a debt crisis like Greece if it did not deal urgently with its swelling national debt.

Mr Kan, speaking in his first address to parliament after taking office this week, said Japan, the world's second-largest economy, could not continue to rely on issuing bonds to pay off its debts as its coffers shrink amid an ageing and declining population.