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Germany Ends Japan's 34-Year Run as World's Top Creditor

May 28, 2025

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Financial Express Pune

JAPAN LOST ITS position as the world's largest creditor nation for the first time in 34 years, giving up the title to Germany despite posting a record amount of overseas assets.

- BLOOMBERG

Japan's net external assets reached ¥533.05 trillion ($3.7 trillion) at the end of 2024, rising about 13% from the previous year, according to data released Tuesday by the Ministry of Finance.

While the figure marked an all-time high, it was overtaken by Germany, whose net external assets totaled ¥569.7 trillion.

China stayed in third place with net assets of ¥516.3 trillion.

Japan began its streak at the top by overtaking Germany in 1991.

Germany's ascent reflects its substantial current account surplus, which reached €248.7 billion in 2024 thanks largely to a strong trade performance. Japan's surplus in turn was ¥29.4 trillion according to the finance ministry, equivalent to around €180 billion.

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