In Accountancy, students learn about assets and liabilities. Liability is a more common word than debt in that environment. But lay people and homeowners normally talk about debt. Basically they mean the same thing.
In any case, Yamato Life Insurance owes Y269.5bn ($2.7bn) that it cannot pay.
But there are other definitions and types of liability, and debt.
Maybe an accountant could clarify those specialised uses.