Major economies are operating at unprecedented levels of leverage:

The ratio of Japanese government debt to GDP is approximately 215%, the highest among major economies.

The debt-to-GDP ratio of the United States follows closely at about 125%, nearing historical highs.

The debt-to-GDP ratio of the European Economic and Monetary Union (EMU) is also quite high, around 95%.

Meanwhile, China's debt-to-GDP ratio has reached a record 93%.

Over the past decade, this ratio has doubled.

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