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It is a similar massive overhang of corporate debt throughout Asia that threatens to undermine the region's economic recovery.
Bolland said the weather meant the retailer was now sitting on a bit more stock than expected but insisted there was "no massive overhang".
Many, if not all, of the world's most pressing macroeconomic problems relate to the massive overhang of all forms of debt.
And this is happening in a world in which there is a massive overhang of private debt and where banks are still nursing damaged balance sheets.
"The massive overhang of nonperforming loans in the banking sector needs to be resolved swiftly and efficiently," said Kenneth W. Dam, the deputy Treasury secretary, at a Harvard Law School symposium at this resort town near Mount Fuji.
When actual demand didn't match the bullish forecasts, what remained was a massive overhang in inventory that has only recently evaporated.
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Decent numbers, but a massive debt overhang is demanding better performance.
"The solution to this massive debt overhang which encompasses both public and household balance sheets is categorically not more debt," he said.
This would seem a tidy solution to the problem for finance – make the public pay off the massive debt overhang on the economy through reducing their consumption.
And this isn't even to mention the effects of the massive debt overhang from their real-estate bubble, the effect of deflation (which is a bad environment in which to own stocks), and so on.
The next stage of this of course will be inflation, which will effectively devalue the massive debt overhang from the spending splurge of the 1990s and 2000s but again will punish savers too.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com