Members of the Ministry of Finance in Japan are meeting to discuss the country's foreign investments. as Japan is the largest foreign holder of U.S. debt. If U.S. interest rates rise over time: O the U.S. debt-to-GDP ratio, all else equal, would fall. Japan's concern about a debt crisis in the United States would diminish. WERFERANS Japan would forecast higher rates of economic growth in the United States. O Japan would enjoy higher interest payments, but concern could grow over the ability of the U.S. to repay the debt