Japan's 'kamikaze' economics are threatening to cause an Asian debt crisis that could spread like a virus to the rest of the world, according to Satyajit Das, a former banker and author of "Extreme Money."

If the dramatic efforts by Japanese Prime Minister Shinzo Abe to revive Japan's long-sagging economy fail, the impact may in fact only start at home.

A failure would mean Japan would be forced to sell off its overseas investments to repatriate capital, and the selling pressure would fuel financial market volatility for a wide range of assets internationally, Das wrote in a MarketWatch commentary.

Declassified: ‘Financial War’ Could Wipe Out 50% of Your Wealth

At the same time, Japan's aggressive monetary policy and devaluation of the yen, an effort dubbed "Abenomics," could cause a stampede of private capital from Japan.

The devaluation of the yen against other Asian currencies would help Japanese export competitiveness, but at the expense of Japan's neighbors, Das noted.

"Facing a reduction in competitiveness, China, South Korea and Taiwan may intervene in foreign exchange markets to reduce the appreciation of their currencies. Trade restrictions may be introduced to reduce Japanese exports."

Das suggested Abenomics could be part of Japan's effort to restore its past sense of a glorious imperial empire. The prime minister's agenda includes overturning Japan's Western-style constitution and increasing defense spending.

"The kamikaze attacks of World War II reflected the samurai and Bushido code of conduct, where death is preferable to the shame of defeat. Abe's current policy initiatives have a kamikaze element. This too is unlikely to succeed in changing Japan's trajectory," Das concluded.

Japan has managed to devalue its currency by 25 percent this year, but exports have failed to rise, according to The Wall Street Journal.

Abe's last remaining option may be to impose structural reform on the Japanese economy, but in order to do so, his party will need to win the looming Upper House elections, The Journal reported.

Abenomics has coincided with a rise in Japanese consumer sentiment, as property transactions in Japan rose 50 percent in the first half of 2013 to $20.9 billion, the most in five years, Bloomberg noted.

Declassified: ‘Financial War’ Could Wipe Out 50% of Your Wealth