Japan's debt is entering uncharted territory as its gross public debt is projected to reach almost 2.5 times its GDP by 2014 according to the IMF. The recession has significantly reduced tax revenue, industrial output, and exports in Japan, eating away 27% of tax revenue and lowering industrial output 19% and exports 31%. Credit default swaps on Japanese debt have also surged in recent months compared to Germany and the U.S., reflecting years of slow growth, stimulus plans, an aging society, and the impact of the recession on moving Japan towards a major fiscal crisis.