This article explores who owns Japan's public debt, which is estimated to be around ¥1,098 trillion (or $10.3 trillion). Domestic investors such as banks, insurance companies, pension funds and individuals own the majority of the debt, with the Bank of Japan being the largest holder with approximately ¥450 trillion ($4.3 trillion) worth of JGBs on its balance sheet. The Government Pension Investment Fund (GPIF), Japan Post Bank and life insurance companies also hold large amounts of debt. Foreign investors have also been playing an increasingly important role in owning Japanese government bonds due to their attractive yields compared to other developed countries like US Treasuries or German Bunds and now make up nearly 20% of ownership.