BREAKING: Foreign holdings of US Treasuries fell -$139 billion in March, to $9.35 trillion, the largest monthly decline since September 2022. Japan, the largest foreign holder, reduced its stockpile by -$48 billion, to $1.19 trillion, to their lowest since December 2025, as the Bank of Japan sold US Treasuries to fund yen intervention. China, the 3rd-largest holder, trimmed its holdings by -$41 billion, to $652 billion, their lowest level since September 2008. China’s holdings have now declined -$109 billion, or -14%, since the start of 2025. By comparison, the UK, the 2nd-largest holder, added +$30 billion, with total holdings rising to a record $927 billion. US Treasury markets are becoming even more volatile.(The Kobeissi Letter)