{"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,"_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_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","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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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. 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For the first time in global economic history, the long-term yield of Chinese Treasury bonds has fallen below that of Japan's. This is a worrying sign for the Chinese\u2026","rel":"","context":"In "secular stagnation"","block_context":{"text":"secular stagnation","link":"https:\/\/michelsanti.fr\/en\/category\/secular-stagnation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/09\/GXUuCDmbwAAO_CV.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/09\/GXUuCDmbwAAO_CV.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/09\/GXUuCDmbwAAO_CV.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/09\/GXUuCDmbwAAO_CV.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/09\/GXUuCDmbwAAO_CV.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/09\/GXUuCDmbwAAO_CV.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":22615,"url":"https:\/\/michelsanti.fr\/en\/japan\/shinzo-abe-killed-for-being-a-keynesian","url_meta":{"origin":29367,"position":2},"title":"Shinzo Abe: killed for being a Keynesian","author":"Michel Santi","date":"July 10, 2022","format":false,"excerpt":"\u00a0 He lifted his country out of the pacifist dogma adopted following World War Two. He contributed massively to Japan\u2019s transformation into a country careful with its geopolitical and strategic interests so it could it take up the seat it deserved at the table of global security operations. He was\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\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":26678,"url":"https:\/\/michelsanti.fr\/en\/china\/japanification-of-china","url_meta":{"origin":29367,"position":3},"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":21448,"url":"https:\/\/michelsanti.fr\/en\/japan\/japan-mirror-of-the-world","url_meta":{"origin":29367,"position":4},"title":"Japan, mirror of the world","author":"Michel Santi","date":"June 29, 2021","format":false,"excerpt":"\u00a0 Japan is the world\u2019s laboratory. It\u2019s in this country that in 2001, for the very first time, the famous quantitative easing measures were put in place that tried to break the believed-to-be impenetrable barrier of zero interest rates that had been set in 1999. It was a revolutionary endeavour\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\/2021\/06\/aboratoire.jpg?fit=1200%2C750&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/aboratoire.jpg?fit=1200%2C750&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/aboratoire.jpg?fit=1200%2C750&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/aboratoire.jpg?fit=1200%2C750&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/aboratoire.jpg?fit=1200%2C750&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":30816,"url":"https:\/\/michelsanti.fr\/en\/financial-crisis\/it-would-be-very-unwise-to-pretend-that-nothing-is-happening","url_meta":{"origin":29367,"position":5},"title":"It would be very unwise to pretend that nothing is happening","author":"Michel Santi","date":"December 7, 2025","format":false,"excerpt":"It would be very unwise to pretend that nothing is happening with government bond yields around the world! Japan\u2019s 30-year yield is at 3.37%, a historic record for the country\u2026 and a clear warning of what awaits Western nations that allow their debt levels to spiral. The chart below speaks\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\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=1050%2C600 3x"},"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}]}}