Japan prepared to use its role as America’s largest creditor as leverage in Trump trade talks

No country holds more provable Treasury debt than Japan with roughly $1.1 trillion, equivalent to a quarter of its entire economy.

Japanese Prime Minister Ishiba Shigeru attends a join press conference with NATO Secretary General Mark Rutte (not pictured) at the premier's office in Tokyo on April 9, 2025.

Japanese prime minister Shigeru Ishiba, seen here at a NATO press conference last month, warned there was no breakthrough in talks with the Trump administration. “We have not yet reached a point where common ground has been found,” he told reporters on Friday.

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