日本甩债威胁，转身认怂

Core Viewpoint - The rapid reversal of Japan's Finance Minister, Kato Katsunobu, from a "strong threat" to a "clarification of stance" within 48 hours highlights Japan's strategic anxiety regarding U.S. Treasury bonds and the long-standing power asymmetry in Japan-U.S. relations [1][3]. Group 1: Japan's Position on U.S. Treasury Bonds - Kato's initial statement suggested that Japan's substantial holdings of U.S. Treasury bonds, approximately $1.13 trillion as of February, could be used as leverage in trade negotiations with the U.S. [3] - The immediate backlash from the international market and subsequent retraction of his statement in Milan indicated Japan's precarious position and lack of true leverage over the U.S. [3][5]. - The incident reveals Japan's strategic dilemma: while holding U.S. debt represents economic dependence, it also poses a potential tool for financial pressure [3][5]. Group 2: Implications for Japan-U.S. Relations - The U.S. response to Kato's comments was dismissive, with Trump showing indifference to the potential impact of Japan's threats on the U.S. bond market, emphasizing America's financial dominance [5][6]. - Kato's retraction weakened Japan's bargaining power in future trade negotiations, as it demonstrated a lack of resolve and credibility [5][6]. - Analysts have criticized Japan's approach, suggesting that such public threats could undermine its international standing and credibility in negotiations [5][6]. Group 3: Future Considerations - The incident raises questions about Japan's willingness and ability to reduce its economic dependence on the U.S., with analysts suggesting that any genuine attempt to do so would come with significant risks [8]. - The ongoing economic negotiations between Japan and the U.S. may be complicated by this diplomatic misstep, potentially affecting Japan's position in future discussions on tariffs and trade [8]. - The perception of Japan's strategic inconsistency could lead to long-term consequences in its international relations and economic negotiations [8].