World Bulletin / News Desk
But policymakers and economic advisers in the world's third biggest economy are not drawing an uncomfortable lesson about the need for fiscal discipline.
Instead they see Greece's present predicament as a warning against being too tight with the public purse strings and the follies of mindless austerity.
"Greece was doing what it thought was necessary. In fact, it pulled itself into further suffering with its economy shrinking".
Susumu Takahashi, a member of the government's top economic advisory panel, said the country's first priority should be to ensure it doesn't kill off a budding economic recovery, rather than implementing spending cuts like those seen in Greece.
"They didn't get the balance right," he said. "What's most important for Japan is to get the economy out of the doldrums," Takahashi told Reuters on Tuesday.
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Some analysts, however, say the Greek crisis underscores the importance of curbing Japan's borrowing when the economy is still in good shape and investors are fully confident in its ability to repay its debt.
"By focusing too much on the current state of the economy, you risk under-estimating the fiscal risks that may threaten future growth."
Last week Japan unveiled a blueprint on fiscal reform which, while advocating limited rises in spending over the coming three years, avoided setting mandatory caps on spending increases.
It was drafted by the Council on Economic and Fiscal Policy, a panel of key economic ministers, academics and business executives that maps out the government's long-term strategy on fiscal and monetary policy.
Takahashi was among those advocating Prime Minister Shinzo Abe's approach of prioritising steps to boost growth rather than spending cuts, conflicting with the finance ministry, which traditionally drafts strategies focused on spending caps and tax hikes.
"We enjoy a bonus from low interest rates now. But that will change when Japan emerges from deflation," he said.
"Once you lose market trust (over the handling of finances), it's hard to gain it back and could suffer from a jump in interest rates."Güncelleme Tarihi: 30 Haziran 2015, 14:50