After Japan is "squeezed dry," where exactly is the "last lifeline" of the dollar hegemony?❗️❗️❗️

Japan has not yet been completely "squeezed dry"; it has only reached the most dangerous critical point.
The current situation of the last lifeline of US dollar hegemony.
Japan has not been completely drained yet; it has just reached the most dangerous critical point:
• Still holding approximately 1.2 trillion USD in Treasury bonds (the largest in the world)
• Japanese long-term bond yields surged, and carry trades began to unwind rapidly.
• The BOJ wants to raise interest rates but is hesitant to do so aggressively, facing a dual deadlock with fiscal policy and the yen.
The real final few straws ranking (real version): $BTC
1 The United States itself (most important, most lasting) continues to print debt + forces the whole world to take over → can still drag on for 5 to 15 years
2 Japan (currently still managing to supply blood) $ETH 
wants to run but can't move, if I run too fast I'll blow up first.
3 China/Middle East (increasingly unreliable)
Conclusion in one sentence: Japan is the second to last, the last one is whether the United States is willing to continue playing the overdraw game. Japan has really cut off, and a global liquidity tsunami is coming, with the United States being hit the hardest.
Currently, it's still a prisoner's dilemma where everyone is dragging each other down, disliking each other, and no one dares to be the first to go. In 2026, keep an eye on BOJ and JGB yields, don't blink.