Maintenance in progress

the us net international investment position reached minus 71% of gdp at end-2025, roughly four times its 2010 level, making foreign treasury buying structurally necessary to fund the deficit. at the same time the us treasury secretary and japan's prime minister publicly diverged on the bank of japan's rate path, with washington favouring tightening to support the yen and tokyo resisting. open disagreement between the two largest holders of this relationship is unusual; it is normally handled silently.

us external accounts data and us-japan policy commentary