Global debt reached a record $365.5 trillion by the end of June after increasing by more than $10 trillion during the first six months of the year, according to the Institute of International Finance. The figure covers government, household and corporate borrowing across more than 100 economies. The U.S. federal debt crossed $40 trillion for the first time in August and has continued rising. Treasury data cited at the time showed about $32.3 trillion held by the public and $7.8 trillion in intragovernmental holdings. Current government-debt estimates put China’s debt at roughly $22.3 trillion, Japan’s at about $9 trillion, the UK’s at around $4.4 trillion and France’s at approximately $4.1 trillion to $4.3 trillion. Combined, the four countries owe about $40 trillion, slightly less than the latest U.S. total. Debt-service costs are also becoming a central concern: global government interest payments have risen to about $3.3 trillion annually, while higher bond yields increase the cost of new borrowing and refinancing. U.S. 10-year Treasury yields recently reached 5.34%, their highest level since 2002. The rising debt burden is therefore increasingly linked to bond-market conditions and potential spillovers into stocks, bonds and crypto.