Tokyo may be next in line for Athens-style crash

The search for the next Greece is finding its way to an unlikely place: Japan.

Few here gave much weight to warnings by analysts like Makoto Noji of Mizuho Securities Co about the second-biggest economy facing "next-Greece" speculation. That was until Japan's central bank chief hinted at a similar risk.

Governor Masaaki Shirakawa last week called on Prime Minister Yukio Hatoyama to contain the world's largest debt with a warning that investor trust won't be assured in the aftermath of Greece's budget woes. It was an extraordinary comment. Politicians routinely slap the Bank of Japan (BOJ) around; it's jaw-dropping to see the bank return the favor.