At the close of the federal government's 2023 fiscal year, Japan owned $1.1 trillion in U.S. government debt, more than any other nation. This amounted to 3% of all federal debt. The next largest owner was China, with $778 billion, or 2% of the total. In aggregate, foreign nations own 23% of all U.S. federal debt, a share that has grown dramatically over the past 50 years and creates significant risks detailed at the second link below.