As we know, government debt in Japan is 200% of GDP which is the highest in the world. Total debt in Japan is around 500% of GDP and it’s accelerating. The Japanese bond market is also a disaster and will only get worse. Eventually Japanese bonds will become worthless. 82% of the Asians believe that price of gold will increase, says World Gold Council.
Japan will likely be the first advanced economy to actually collapse from debt as you suggest. But it may or may not hyperinflate, and Asians may or may not seek gold as the safe haven. Neither of those is certain by a long shot.