Benn Steil

Geo-Graphics

A graphical take on geoeconomic issues, with links to the news and expert commentary.

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Showing posts for "Japan"

U.S. External Debt

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This chart compares the Treasury and Agency holdings of China and Japan. As the chart shows, the amount of debt that the U.S. owes to China has increased sharply this decade and the amount owed to Japan remains high. Will the United States’ continuing need for financing leave it in a weaker position relative to the major holders and purchasers of U.S. debt? Read more »

Can the G7 Stabilize the Yen?

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The G7 has expressed concern over the implications of excessive yen volatility for financial and economic stability, but fell short of promising coordinated action. The graph above illustrates the extreme nature of the yen’s rise. For example, the yen has appreciated 22% against the euro and 35% against the Aussie dollar in the last month alone. The G7 may have to intervene in foreign currency markets to restore stability. Read more »

Emergence of State Capitalism

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After years of celebrating the triumph of market capitalism, many of its advocates today are troubled by the emergence of ‘state capitalism’, particularly in the form of sovereign wealth funds. How should liberal capitalism respond when autocracy is the highest bidder? Is autocratic ownership dangerous to economic robustness? Read more »