Germany overtakes Japan as world top creditor for first time since 1991, China places third
Japan has relinquished its 34-year reign as the world's top creditor nation, falling behind Germany. Despite Japan's net external assets reaching a record ¥533.05 trillion (US$3.7 trillion) in 2022, Germany surpassed it with ¥569.65 trillion. The Japanese government downplayed the shift, attributing it to fluctuating asset prices, debt levels, and balance of payments. China, Hong Kong, and Norway followed in third, fourth, and fifth place, respectively. A weaker yen contributed to the increase in Japan's foreign assets, particularly through increased overseas business investments.
