Japan is world's largest holder of US gov't debt. To retaliate against US tariffs on Japan, it says it might sell its US debt and so spike US interest rates much higher.
https://www.axios.com/2025/05/02/japan-trump-bonds-tariffs-trade-deal?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmacro&stream=business
https://www.axios.com/2025/05/02/japan-trump-bonds-tariffs-trade-deal?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmacro&stream=business
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All empires die.