Japan has lost its position as the world's largest creditor for the first time in 34 years

Japan lost its position as the world's largest creditor for the first time in 34 years, overtaken by Germany, the finance ministry said on Tuesday, even as Japan's total external asset balance rose to a record high, in part due to a weaker yen. Japan's external net asset balance rose 12.9 percent year-on-year to 533.05 trillion yen ($3.70 trillion) at the end of last year, topping 500 trillion yen for the first time, but below Germany's 569.65 trillion yen. The weaker yen boosted the value of Japan's foreign currency assets, including stocks, bonds and other assets in local currency, the finance ministry said, adding that Germany benefited from a large current account surplus. Japan's total external assets rose 11.4% to 1,659.22 trillion yen, driven by direct investment from domestic Financial Institutions Groups and trading companies. External liabilities rose 10.7% to 1,125.97 trillion yen.