日本34年来首失全球最大债权国地位：近5年来海外总资产是GDP两倍，债市酝酿危机明日面临大考

Group 1 - Japan's net foreign assets reached a historical high of 533.05 trillion yen (approximately 3.7 trillion USD) by the end of 2024, marking the first time it exceeded 500 trillion yen [1][5][7] - Despite the increase in net foreign assets, Japan lost its status as the world's largest creditor nation for the first time in 34 years, primarily due to the depreciation of the yen [1][7][9] - The depreciation of the yen has boosted Japan's foreign currency assets, leading to an increase in both overseas assets and liabilities, with the growth of assets outpacing liabilities [8][9][11] Group 2 - Japan's current account surplus for 2024 is projected to be 29.4 trillion yen (approximately 1.8 billion euros), while Germany's surplus is significantly higher at 248.7 billion euros [5][9] - The trend of capital outflow from Japan has become a norm, with overseas assets consistently exceeding twice the nominal GDP since 2020 [9][11] - Japanese companies have shown strong growth in foreign direct investment (FDI), particularly in the US and UK, with significant investments in finance, insurance, and retail sectors [8][11] Group 3 - The Japanese bond market is facing significant challenges, with concerns about fiscal sustainability leading to volatility in long-term bond yields [2][12][18] - A recent auction of 20-year Japanese government bonds saw weak demand, resulting in a drop in bid-to-cover ratio to 2.5, the lowest since August 2012 [15] - The upcoming auction of 40-year bonds is critical, as weak demand could further increase yields and exacerbate selling pressure in the market [2][19]