In March, foreign holdings of U.S. Treasury bonds plummeted by $139 billion to $9.35 trillion, marking the largest single-month decline in nearly three years, with increased volatility in the U.S. bond market.


Japan (the largest holder): reduced holdings by $48 billion to $1.19 trillion (the lowest since December 2025), to intervene in the yen.
China (the third-largest holder): reduced holdings by $41 billion to $652 billion (the lowest since September 2008), with a total decrease of 14% so far this year.
The UK (the second-largest holder): increased holdings by $30 billion to $927 billion (a record).
Main reasons for volatility: Middle East conflict raising inflation concerns + decline in U.S. bond prices causing valuation shrinkage + weak primary market demand.
#美债大抛售 # Japan and China reduce holdings
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