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Japan’s net external assets surged to a record ¥533.1 trillion ($3.73 trillion) in 2024, marking the seventh consecutive annual increase, according to the Ministry of Finance. The rise was driven by a weaker yen and an uptick in overseas mergers and acquisitions by Japanese firms. Despite this growth, Japan lost its status as the world’s top creditor nation for the first time in 34 years, falling behind Germany, which reported net external assets of ¥569.7 trillion. China followed in third place with ¥516.3 trillion.
The value of Japan's net external assets—held by the government, corporations, and individuals—increased by ¥60.9 trillion, or 12.9%, compared to the previous year. The depreciation of the yen against major currencies played a significant role in this gain. The U.S. dollar rose 11.7% against the yen, while the euro climbed 5%, inflating the value of Japan’s overseas holdings in yen terms.
Japanese companies’ strong appetite for international expansion also boosted the country's gross external assets, which reached ¥1,659 trillion by year-end, up ¥169 trillion from 2023. At the same time, Japan’s external debt rose by ¥109 trillion to ¥1,126 trillion.
In addition, the Ministry of Finance released updated data for Japan’s current account balance in 2024. The country posted a surplus of ¥29.4 trillion, slightly higher than the preliminary estimate of ¥29.3 trillion.
The record-high net external assets highlight Japan’s global investment presence, but its slip to second place underscores the rising financial strength of Germany and ongoing shifts in global economic dynamics.
