{"id":29367,"date":"2025-05-20T18:40:13","date_gmt":"2025-05-20T16:40:13","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=29367"},"modified":"2025-05-20T18:42:27","modified_gmt":"2025-05-20T16:42:27","slug":"in-the-land-of-the-rising-sun-%e6%97%a5%e6%9c%ac","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/japan-bond-market-collapse\/in-the-land-of-the-rising-sun-%e6%97%a5%e6%9c%ac","title":{"rendered":"In the Land of the Rising Sun, \u65e5\u672c"},"content":{"rendered":"

\"\"<\/p>\n

The Japanese bond market is imploding!<\/strong><\/em><\/p>\n

The country now has to borrow at rates that represent a historical low point for it.<\/p>\n

With public debt reaching… 260% of its GDP<\/strong>, the good times when Japan could finance itself at low cost are now over. Prime Minister Ishiba describes the country\u2019s situation as “worse than Greece\u2019s.”<\/p>\n

A very delicate matter: Japan is the largest holder of U.S. Treasury bonds in the world \u2014 $1.1 trillion.<\/p>\n

Bonus question: Will Japan drag the United States down with it<\/strong> if it is forced to liquidate its positions in order to …in order to bail itself out ?<\/p>\n","protected":false},"excerpt":{"rendered":"

The Japanese bond market is imploding! The country now has to borrow at rates that represent a historical low point for it. With public debt reaching… 260% of its GDP, the good times when Japan could finance itself at low cost are now over. Prime Minister Ishiba describes the country\u2019s situation as “worse than Greece\u2019s.”…<\/p>\n","protected":false},"author":4,"featured_media":29370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648942914],"tags":[],"class_list":["post-29367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-japan-bond-market-collapse"],"yoast_head":"\nIn the Land of the Rising Sun, \u65e5\u672c - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/japan-bond-market-collapse\/in-the-land-of-the-rising-sun-\u65e5\u672c\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In the Land of the Rising Sun, \u65e5\u672c - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"The Japanese bond market is imploding! The country now has to borrow at rates that represent a historical low point for it. With public debt reaching… 260% of its GDP, the good times when Japan could finance itself at low cost are now over. 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In\u2026","rel":"","context":"In "Japan"","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/Abe.jpg?fit=800%2C450&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":20574,"url":"https:\/\/michelsanti.fr\/en\/deflation-en\/japan-a-sleeping-beauty","url_meta":{"origin":29367,"position":1},"title":"Japan: a sleeping beauty","author":"Michel Santi","date":"September 1, 2020","format":false,"excerpt":"\u00a0 On the macroeconomic scale, Japan is a laboratory, but it\u2019s also a cemetery where economists and theorists have had to bury their certainties. I salute the determination of Prime Minister Abe on his departure, having not shied away from any decision or measure in pulling his country out of\u2026","rel":"","context":"In "Deflation"","block_context":{"text":"Deflation","link":"https:\/\/michelsanti.fr\/en\/category\/deflation-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":29729,"url":"https:\/\/michelsanti.fr\/en\/financial-crisis\/perfect-storm-in-the-land-of-tsunamis","url_meta":{"origin":29367,"position":2},"title":"Perfect storm in the land of tsunamis","author":"Michel Santi","date":"June 30, 2025","format":false,"excerpt":"\u00a0 The Bank of Japan (BOJ) is teetering on the edge of a financial abyss. As of March 31, 2025, it holds \u00a5575.9 trillion (US$3.97 trillion) in Japanese Government Bonds (JGBs), representing 52% of Japan\u2019s total public debt. For years, its massive bond-buying program\u2014part of an ultra-loose monetary policy\u2014flooded the\u2026","rel":"","context":"In "financial crisis"","block_context":{"text":"financial crisis","link":"https:\/\/michelsanti.fr\/en\/category\/financial-crisis"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19796,"url":"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese-2","url_meta":{"origin":29367,"position":3},"title":"If only we were all Japanese!","author":"Michel Santi","date":"December 12, 2019","format":false,"excerpt":"\u00a0 The economists and bankers of my generation have had the habit of entertaining themselves by dividing the world into four types of economies: developed, emerging, Argentina and Japan. It is worth, however, updating this somewhat simplistic and caricatural joke by removing Japan from the list of economic aberrations. Albeit\u2026","rel":"","context":"In "Japan"","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":26678,"url":"https:\/\/michelsanti.fr\/en\/china\/japanification-of-china","url_meta":{"origin":29367,"position":4},"title":"Japanification of China","author":"Michel Santi","date":"August 29, 2024","format":false,"excerpt":"\u00a0 \u00a0 Extended periods of deflation, economic stagnation, a declining real estate market, financial pressure and stress impacting households, businesses, and the state. All signals suggesting credible parallels between today's China and Japan in the 1990s. China risks becoming an aging and heavily indebted country before it becomes a wealthy\u2026","rel":"","context":"In "China"","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19447,"url":"https:\/\/michelsanti.fr\/en\/china-2\/the-trade-war-wont-happen","url_meta":{"origin":29367,"position":5},"title":"The trade war won\u2019t happen!","author":"Michel Santi","date":"May 21, 2019","format":false,"excerpt":"\u00a0 China is not a bellicose nation. For it, war is a matter of developing excessive trading relationships. Put another way, for China,the defence of its economic interests is an extension of war. As for its nuclear option in the context of this trade war with the USA, it would\u2026","rel":"","context":"In "China"","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/category\/china-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/05\/guerre-commerciale-300x180.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=29367"}],"version-history":[{"count":3,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29367\/revisions"}],"predecessor-version":[{"id":29376,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29367\/revisions\/29376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/29370"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=29367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=29367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=29367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}