Signal Japan and Germany reached net lending near 90% of GDP, the US net borrowing near 90%

Summary

MGI reports that international investment positions, which accumulate from net flows of financial assets, have grown substantially since 2010 and hit new records in 2025. Japan and Germany each reached a net lending position of nearly 90 percent of GDP. The United States sat at the opposite extreme, with a net borrowing position also close to 90 percent of GDP. Half of the negative US position is in equity, because US shares have gained more value than those of other economies. Major European economies, Japan, and Canada, meanwhile, hold positive equity balances, meaning that on net they own more equity issued abroad.