For the first time since the financial crisis, China has been dethroned by Japan. Both countries hold more than a trillion dollars of Treasuries, but Japan holds about 100 million more.
Does this matter? Not in the slightest.
First, the difference between the two is actually insignificant. Second, this does not put the U.S. over a barrel, Chinese or otherwise.
These countries buy Treasuries because the returns are better than some other countries' bonds. It is a vote of confidence in America's economy as the biggest and safest in the world.
There is nothing any country could do to hurt the U.S. economy that would not hurt itself more.
Which brings us to the oddly reassuring conclusion of another, Crisis at a Glance.
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