Japan does not face an external debt issue, Brad Setser argues

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Olga Shendetskaya

1 hour ago

Japan does not face an external debt issue, Brad Setser argues — Japan's low net interest costs

Brad Setser challenges the notion that Japan faces an external debt problem.

He points out that the country's net interest payments are low among G-7 economies, with any projected rise starting from a very low base. Setser also notes that the recent weakness in the yen is a positive factor for Japan's net financial position.

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Setser has highlighted recent moves in other major economies. He noted that China’s holdings of U.S. Treasuries in U.S. custodians dropped to an 18-year low, adding that official data excludes some offshore assets. In a separate commentary, Setser reported that German auto exports to China fell sharply, placing about 0.6 percentage points of Germany’s GDP at risk.

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