Whats going on with Japan? 
(Wrong or right answers appreciated)

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too many debt in relation to their GDP (more than 250%), like the highest of any modern country. They have been able to keep going because their debt is mostly owned by Japan and their citizens but it's unsustainable. 
Their low natality rates puts them in an even worse position.

TLDR: They are kinda fucked

Are us rates exacerbating the situation? If so, how?

For sure, US monetary policy has effects and influence worldwide. Idk much about the specifics, but higher rates make your debt more expensive and the capacity to allocate debt among your nation is limited and $JPY. They have also printed JPY to do so, which devalues their currency and make their citizens poorer