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For the first time in 34 years, Japan 🇯🇵 is no longer the world's largest lending nation. This position now belongs to Germany 🇩🇪. Although Japan still maintains a record level of foreign assets, Germany has surpassed it thanks to strong export activity and earning more money from the world than it spends. Additionally, the appreciation of the euro against the yen has made Germany's assets, when calculated in yen, appear larger.