Japan falls to third-largest creditor behind China
Japan fell to the world's third-largest net creditor in 2025 as it was overtaken by China despite reaching record net external assets. The ranking drop was driven by rising liabilities as foreign investors gained from a strong domestic stock market.
Xurve View
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Xurve View
Japan fell to the world’s third-largest net creditor in 2025 as its net external assets grew 4.4% to a record 561.75 trillion yen ($3.53 trillion). The drop marks a second consecutive year of decline in global rankings for the former top-tier lender. Rising domestic equity valuations for foreign holders offset Japan's robust overseas investment and corporate acquisitions.
