The US Japan debt is interconnected because Japan is currently the largest holder of US debt, holding 1.13 trillion yuan, accounting for more than 3% of the overall US debt. However, if Japan wants to sell these bonds, it would mean the collapse of US debt, as it would add a huge burden to the already tight liquidity of US debt. Of course, Japan will not necessarily sell US treasury bond - on the one hand, there will be pressure from the US, and on the other hand, it is also very poor now. Another possibility is to borrow US dollars from swaps, but this means that Japan will have to bear short-term high interest rates. From another perspective, it also means the restart of the US dollar QE - is this good or bad for the risk market? But regardless of the scenario, it seems that there is a possibility of depreciation of the US dollar.