5 Countries That Own the Most U.S. Debt

1. Japan

Total holdings of U.S. treasury securities (in billions): $1,104.4

Topping the list of the 15 countries that own the most U.S. debt is Japan, which is also the only nation in the world to hold over $1 trillion of U.S. government securities. While the number has declined by $200 billion in the past one year, Japan would’ve had the most to lose if an unprecedented U.S. debt default happened, considering the debt ceiling impasse that took place but was resolved at the last moment in May 2023. If the default had occurred, then the fall in value of U.S. Treasuries would’ve lead to a decline in Japan’s foreign reserves.

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