Japan is an economy I keep a close eye on because they are now the largest owner of US debt - over $1 trillion. What has started to happen is that the increase in US interest rates, along with their inflation, is causing them to pull back their foreign investments. If that starts to pick up pace (it already is) - it's a problem for us. https://www.japantimes.co.jp/news/2023/05/16/business/economy-business/power-price-hike/