"In Japan, everything continues for as long as it can continue, " says Akio Mikuni, president of a credit-rating company.

CNN: ASIANOW - TIME Asia | Japan: No More Jobs for Life

The biggest question, however, is how Japan will adapt to a new era of financial discipline, says Akio Mikuni, president of Mikuni and Co, a credit-rating agency.

ECONOMIST: Japan's financial institutions

These firms have in effect been paying negative interest on their loans, says Mr Mikuni, because they have had to repay only part of their debt, thanks to waivers from the banks.

ECONOMIST: Japan's financial institutions