US Treasury Holdings in September 2023: Japan Buys, UK Sells

Thursday Nov 20 2025 00:00

Duration

2 min

  1. 1. Article Summary

  2. 2. US Treasury Holdings in September: A Closer Look

  3. 3. Japan Raises Holdings to Highest Level Since 2022

  4. 4. UK Reduces Holdings Significantly

  5. 5. Slight Change in China's Holdings

  6. 6. Attractiveness of US Assets Remains Strong

Article Summary

  • Overview of foreign investor holdings of US Treasury securities in September 2023.
  • Japan increases holdings to a three-year high.
  • The United Kingdom reduces its holdings.
  • China: Slight change in holdings.
  • Analysis of continued attractiveness of US assets.

US Treasury Holdings in September: A Closer Look

After hitting a record high in August, foreign investor holdings of US Treasury securities saw a slight dip in September, with notable divergence in the behavior of different countries. While the UK trimmed its exposure, Japan boosted its holdings to the highest level in over three years. Total foreign holdings of US Treasury securities stood at $9.25 trillion in September, a slight decrease from $9.26 trillion in August. These changes are influenced by net buying and selling activity, as well as asset valuation. The Bloomberg US Treasury Index saw gains in both August and September.

Japan Raises Holdings to Highest Level Since 2022

Japan, the largest foreign holder of US Treasuries, increased its holdings by $8.9 billion to $1.19 trillion, the highest since August 2022. "The move that has my attention is Japan," said Lee Ferridge, a strategist at State Street. "The increase in US Treasury holdings may be a factor in the continued weakness of the yen, and may also suggest that Japanese investors remain cautious about Japanese government bonds despite rising domestic yields." In recent months, the yen has steadily weakened against the US dollar, falling to its lowest level since February on Tuesday. It is also the worst-performing currency among the G10 this year.

UK Reduces Holdings Significantly

In contrast, the UK, the second-largest foreign holder of US Treasuries, reduced its holdings by $39.3 billion to $865 billion.

Slight Change in China's Holdings

China, the third-largest foreign holder, slightly reduced its holdings by $0.5 billion to $700.5 billion. Analysts point out that Belgium's holdings include Chinese custody accounts, and Belgium's holdings increased by $12.5 billion to $466.8 billion.

Attractiveness of US Assets Remains Strong

"I still don’t see signs of foreign investors exiting US assets," said Alex Cohen, a strategist at Bank of America. "US assets remain an attractive investment destination."

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Written by:

Ava Grace

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