Japan Cedes Top Creditor Title to Germany After 34-Year Run
Japan lost its position as the world's largest creditor nation for the first time in 34 years, despite posting a record amount of overseas assets. Japan's net external assets reached ¥533.05 trillion ($3.7 trillion) at the end of 2024, rising about 13% from the previous year, according to data released by the Ministry of Finance. While the figure marked an all-time high, it was overtaken by Germany, whose net external assets totaled ¥569.7 trillion. China stayed in third place with net assets of ¥516.3 trillion. Japan began its streak at the top by overtaking Germany in 1991. Last year, the euro-yen rate rose about 5%, exaggerating the increase in German assets versus Japanese in yen terms.
HSBC has culled more than two dozen analysts in recent days as the bank deepens a restructuring of its investment banking businesses, according to people familiar with the matter. Those affected by the move include Steven Major, the Dubai-based global head of fixed income research, the people said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the people.
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