For everyone who continues to parrot the phrase "Japan is different" you really need to watch this
Many of us have discussed the fact the problems that most developed economies face is that all of their private sectors are in a balance sheet recession. This is something that has been described by Richard Koo, and I have referenced many times. Specifically Koo's work show that the Japanese experience over a decade ago is a prototype for what the developed economies are now facing. Yet the practically knee-jerk reaction to this is: "Japan is different".
For one of the cleanest presentations for why that rebuttal is patently false, watch this really excellent presentation by Koo: