{
  "id": 2709458,
  "title": "Der japanische Yen fällt und fällt: Die Abwertung ist ein Warnsignal in einer hochverschuldeten Welt",
  "url": "https://urgent.news/2026/08/23/der-japanische-yen-fallt-und-fallt-die-abwertung-ist-ein-warnsignal",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-23T03:30:00.000Z",
  "source": {
    "name": "NZZ Wirtschaft",
    "slug": "nzz-wirtschaft",
    "url": "https://www.nzz.ch/wirtschaft/der-japanische-yen-faellt-und-faellt-die-abwertung-ist-ein-warnsignal-in-einer-hoch-verschuldeten-welt-ld.10020309"
  },
  "original_language": "de",
  "account": "The Japanese yen has been steadily losing value, serving as a warning sign in a world dominated by high levels of debt. The Bank of Japan should raise interest rates to curb this devaluation, but mounting national debt has prevented this from happening. Japan stands out among western nations for its rapidly aging society, with 30 percent of its population aged 65 or older. The country's national debt is also eye-watering, amounting to 200 percent of its Gross Domestic Product (GDP). Since the collapse of the real estate bubble in the 1990s, the Japanese government has accumulated massive debt to stimulate the economy, following the Bank of Japan's introduction of zero interest rates back in 1999. Despite warnings from critics about the risks of this policy, no disaster has yet occurred. Many western countries have copied Japan's strategy, but the debt-to-GDP ratio is no longer a major concern in Japan. However, a remarkable shift has recently taken place: the yen has been losing value against other currencies. In 2011, 100 yen bought $1.30, now it is only worth $0.63. This depreciation has been beneficial for certain sectors of the economy, allowing exporters to sell goods at lower prices to other countries. Additionally, the weaker yen has attracted many tourists to Japan. However, there are also downsides. People are growing increasingly discontent with rising inflation, particularly for imported goods like food and energy. The weak currency is now alarming the Japanese government, which has signaled its desire to strengthen the yen. Yet, how can they achieve this? The most convincing way would be for the Bank of Japan to raise the key interest rate from the current 1 percent. This would immediately boost the yen's appeal. Yet, this is not happening or has only happened hesitantly. The reason is simple: Japan simply cannot afford higher interest rates due to its massive debt. Even now, the yield on 10-year government bonds has risen to 2.9 percent - a level not seen in three decades. Japan holds vast foreign exchange reserves, including a billion dollars' worth of US Treasury bonds, making it the largest creditor of the United States. However, selling its foreign currency to intervene and boost the yen would cause problems for America. The interest rates on government bonds, already at historic highs due to debt growth, would skyrocket further. This has led the two countries to jointly purchase yen for stabilization, but it has only done little to help. The yen is becoming a warning signal in a world where financial markets are losing confidence in Japan's currency. If this confidence continues to erode, it could push up global interest rates, forcing many countries to tighten their belts and implement unpopular austerity measures. Both nations threaten further interventions. Even US President Trump has indicated support for Japan. The sudden turn of events is shaking stock markets. Rising debt interest rates and an expenditure-happy government leader: Japan's financial problems could also prove costly for the United States. Japan and the US are propping up their wobbly currency, but the intervention does little when Tokyo fails to tackle the structural causes of the yen's weakness.",
  "summary": "Japan hat zunehmend Mühe, die eigene Währung unter Kontrolle zu halten. Eigentlich müsste die Notenbank die Zinsen erhöhen – doch die enorme Staatsverschuldung versperrt diesen Weg.",
  "key_points": [
    "Japanese yen depreciating, warning sign in high-debt world",
    "Bank of Japan urged to raise rates, prevented by national debt",
    "Yen losing value against currencies, sparking global concerns"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}