As of December 2024, Japan held United States treasury securities totaling about 1.06 trillion U.S. dollars. Foreign holders of United States treasury debt According to the Federal Reserve and U.S. Department of the Treasury, foreign countries held a total of 8.5 trillion U.S. dollars in U.S. treasury securities as of December 2024. Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 759 billion U.S. dollars in U.S. securities. The U.S. public debt In 2023, the United States had a total public national debt of 33.2 trillion U.S. dollars, an amount that has been rising steadily, particularly since 2008. In 2023, the total interest expense on debt held by the public of the United States reached 678 billion U.S. dollars, while 197 billion U.S. dollars in interest expense were intra governmental debt holdings. Total outlays of the U.S. government were 6.1 trillion U.S. dollars in 2023. By 2029, spending is projected to reach 8.3 trillion U.S. dollars.

In 2023, China held **** percent of foreign held U.S. securities. Japan held a further **** percent of foreign held securities. The national debt of the United Stated can be found here.

The value of U.S. Treasury securities held by residents of Russia amounted to ** million U.S. dollars in March 2025, marking a stark contrast to ***** billion U.S. dollars held in January 2020. The lowest over the period under consideration was recorded in November 2023 at ** million U.S. dollars. Furthermore, in March 2020, the figure plummeted to **** billion U.S. dollars, down from **** billion U.S. dollars one month prior. Russia’s holdings of U.S. treasury securities have decreased since 2014 following the Western sanctions over the annexation of Crimea and have further dropped in 2022 after more restrictions were imposed over the war in Ukraine. What are U.S. treasury holdings? U.S. treasury holdings are government debt instruments that contribute to the funding of various government projects in the country. The U.S. Department of Treasury allows individuals and organizations to invest in treasury notes, bills, and bonds, which are the main three types of securities. Just under half of the outstanding ** trillion U.S. dollars as of May 2024 were in the form of treasury notes. The notes have varying maturities and coupon payment frequencies, which are different from the maturity periods of treasury bills and bonds. Main foreign holders of U.S. treasury securities Foreign holdings of U.S. treasury debt amounted to ***** trillion U.S. dollars as of January 2024. Japan and China held the largest portions, with China possessing ***** billion U.S. dollars in U.S. securities. Additionally, other significant foreign holders included oil exporting countries and Caribbean banking centers.

Key information about Japan Government Debt: % of GDP

• Japan Government debt accounted for 212.1 % of the country's Nominal GDP in Sep 2025, compared with the ratio of 213.9 % in the previous quarter.
• Japan government debt to GDP ratio data is updated quarterly, available from Dec 1994 to Sep 2025.
• The data reached an all-time high of 225.8 % in Mar 2021 and a record low of 55.9 % in Dec 1994.

CEIC calculates quarterly Government Debt as % of Nominal GDP from monthly Government Debt and rolling sum of quarterly Nominal GDP. The Bank of Japan provides Government Debt in local currency. The Economic and Social Research Institute provides Nominal GDP in local currency. Government Debt covers Central Government only.


Related information about Japan Government Debt: % of GDP

• In the latest reports, Japan National Government Debt reached 9,012.6 USD bn in Sep 2025.
• The country's Nominal GDP reached 1,077.6 USD bn in Sep 2025.

United States FSU: Debt: Short Term: Others: Japan data was reported at 77.768 USD bn in 2017. This records an increase from the previous number of 55.990 USD bn for 2016. United States FSU: Debt: Short Term: Others: Japan data is updated yearly, averaging 8.500 USD bn from Dec 2003 (Median) to 2017, with 15 observations. The data reached an all-time high of 77.768 USD bn in 2017 and a record low of 218.000 USD mn in 2008. United States FSU: Debt: Short Term: Others: Japan data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z044: U.S. Residents' Portfolio Holdings of Foreign Securities.

United States FSU: Debt: Long Term: Asset Backed: Japan data was reported at 440.000 USD mn in 2017. This records an increase from the previous number of 2.000 USD mn for 2016. United States FSU: Debt: Long Term: Asset Backed: Japan data is updated yearly, averaging 216.000 USD mn from Dec 2003 (Median) to 2017, with 15 observations. The data reached an all-time high of 515.000 USD mn in 2004 and a record low of 2.000 USD mn in 2016. United States FSU: Debt: Long Term: Asset Backed: Japan data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s United States – Table US.Z044: United States Residents' Portfolio Holdings of Foreign Securities.

United States FSU: Debt: Long Term: Zero Coupon: Japan data was reported at 87.000 USD mn in 2016. This records a decrease from the previous number of 98.000 USD mn for 2015. United States FSU: Debt: Long Term: Zero Coupon: Japan data is updated yearly, averaging 113.500 USD mn from Dec 2003 (Median) to 2016, with 14 observations. The data reached an all-time high of 420.000 USD mn in 2009 and a record low of 21.000 USD mn in 2013. United States FSU: Debt: Long Term: Zero Coupon: Japan data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z044: U.S. Residents' Portfolio Holdings of Foreign Securities.

The major foreign holders of U.S. Treasury securities are typically countries and entities that invest heavily in U.S. government debt. As of the latest data, here are some of the top foreign holders:

Japan: Historically, Japan has been the largest holder of U.S. Treasury securities. China: China is another major holder, though its holdings have fluctuated due to various economic and political factors. United Kingdom: The UK is a significant investor in U.S. Treasuries, often ranked among the top holders. Ireland: Ireland holds a substantial amount of U.S. Treasury securities. Luxembourg: Luxembourg is also a notable holder of U.S. Treasuries. Switzerland: Swiss investments in U.S. Treasury securities are considerable. Brazil: Brazil is one of the largest holders in Latin America. Belgium: Belgium, often through its financial institutions, holds a significant amount. Taiwan: Taiwan's central bank and other financial institutions invest heavily in U.S. Treasuries. Hong Kong: Hong Kong maintains substantial holdings in U.S. Treasuries. These rankings can change frequently based on economic conditions, currency reserves, and geopolitical factors. For the most up-to-date information, refer to the U.S. Department of the Treasury's "Major Foreign Holders of Treasury Securities" report.