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China may have the largest pile of FX reserves in the world but the biggest foreign holder of U.S. Treasuries is Japan, with almost $1.1 trillion. Flows data show that Japan's holdings of U.S. Treasuries rose by $51.4 billion in the first quarter. . .
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From Bloomberg.
Worth keeping an eye on this phenomenon as the currency market pushes the Japanese authorities harder on interest rate normalization.
Given Japanese entities’ considerable holdings of foreign securities, this is how what happens in Japan risks not staying in #Japan.
#economy #markets
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