You're correct. However, the Japanese people are so high IQ, compliant and peaceful, there will be very little problems in the manner comparable to the West if we were in this situation. No food/fuel riots. No basketball players looting Targets due to hyper inflation.

Japan could, next Monday, lop a few zeros off the Yen and re-issue it, cancel the debt it mostly owes to itself, and start fresh. The worst result, for them at least, will be lost market share for their mega-corporations.