The Global Grip On U.S. Debt Markets

Japan, the United Kingdom, and China rank among the largest foreign holders of U.S. Treasury securities. Japan alone owns more than $1 trillion in U.S. debt. When major holders reduce their Treasury positions, bond prices fall and yields rise, pushing up borrowing costs across the economy. Higher yields can strain U.S. consumers and businesses by making mortgages, corporate loans, and other forms of credit more expensive. This highlights the complex dynamic of powers these foreign nations hold over the U.S. economy.

Source: U.S. Department of the Treasury, The Business Week Graphic

Data as of December 2025. This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice.