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Major Recent U.S. Treasury Sellers
In late 2024 and early 2025, several large foreign holders especially central banks and sovereign funds trimmed their U.S. Treasury holdings. For example, Japan (the largest foreign holder) cut its holdings by roughly $2530 billion from November to December 2024 (from $1.087?trillion to $1.060?trillion)?reuters.com. China likewise reduced its position by about $10 billion over the same period (from $768.6?billion to $759.0?billion)?reuters.com. Saudi Arabias central bank sold an estimated $10.6 billion of Treasuries from Dec.?2024 to Jan.?2025?arabnews.com. By February 2025 the only top-20 holders still cutting back were Switzerland, Norway, Germany and Saudi Arabia?reuters.com (each trimming on the order of single‐digit billions of dollars). In summary, the largest recent sellers include Japan, China and several oil-exporting and European central banks (see table below).
Table: Top Foreign U.S. Treasury Sellers (last 612 months)
| Country / Investor | Approx. Sold (USD) | Period (20242025) | Source (see notes) |
|---|---|---|---|
| Japan (central bank/private) | ~$2530?bn | NovDec 2024 | U.S. Treasury data?reuters.com |
| China (PBoC/sovereign) | ~$10?bn | NovDec 2024 | U.S. Treasury data?reuters.com |
| Saudi Arabia (central bank) | ~$10.6?bn | Dec 2024 Jan 2025 | U.S. Treasury data?arabnews.com |
| Switzerland (SNB) | ~$10?bn | JanFeb 2025 | U.S. Treasury data?reuters.com |
| Norway (sovereign fund) | ~$11?bn | JanFeb 2025 | U.S. Treasury data?reuters.com |
| Germany (Bundesbank) | ~$2?bn | JanFeb 2025 | U.S. Treasury data?reuters.com |
Notes: Volumes are approximate net reductions (billions of dollars) in holdings between the indicated months. Data are from the U.S. Treasurys TIC reports?reuters.com?reuters.com. (Sold here means holdings fell; e.g. Japans drop from $1.087T to $1.060T is a ~$27B reduction.) Switzerland, Norway, Germany and Saudi Arabia were specifically noted as the only top holders to cut Treasuries in early 2025?reuters.com.
Macroeconomic and Policy Factors
This sell-off has occurred amid rising U.S. yields and a strong dollar. Since Sept.?2024 the Feds high-rate stance put upward pressure on Treasury yields even as it trimmed the overnight rate a reverse conundrum that reflects weak foreign demand?cepr.org?cepr.org. In particular, analysts note that many yield-insensitive official buyers (central banks) are now selling to avoid further weakening of their own currencies as the dollar appreciates?reuters.com. Indeed, Reuters reported that with the Fed raising rates and the dollar going up, yield-insensitive central banks have been selling Treasuries to limit the weakening of their domestic currencies?reuters.com.
Geopolitical and reserve-diversification motives have also been cited. Some analysts argue that fear of trade wars, sanctions or asset freezes is eroding foreign confidence in U.S. safe assets?cepr.org?cepr.org. For example, since the Nov.?2024 U.S. elections foreign officials are estimated to have sold roughly $78?billion of Treasuries (bringing official holdings to their lowest level since 2020)?cepr.org. The same research suggests that waning foreign official demand possibly driven by geopolitical concerns including fear of sanctions has coincided with the run-up in real Treasury yields?cepr.org?cepr.org.
At the same time, some countries are modestly rebalancing into other currencies or assets. IMF data show global FX reserves actually fell in late 2024, and the dollars share edged up as other currencies declined?reuters.com. There is talk of de-dollarization, but the latest TIC data indicate no sudden rush out of dollars major buyers like Japan and China actually added to their Treasuries in JanFeb 2025?reuters.com?reuters.com. Instead, the sales have largely been a cyclical response by reserve managers to high U.S. yields, a firm dollar, and portfolio rebalancing away from cash-like assets.
In sum, central banks and sovereign funds in Japan, China, the Middle East and Europe have recently trimmed U.S. debt to various degrees. These moves reflect macroeconomic factors notably U.S. rate differentials and dollar strength as well as policy uncertainty (trade tensions, sanctions risk) and ongoing adjustments in official reserve allocations?reuters.com?cepr.org.
Sources: Official TIC reports (U.S. Treasury) and Federal Reserve data, as reported by Reuters and other financial media?reuters.com?arabnews.com?reuters.com?reuters.com?cepr.org. The table above is derived from these sources.
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April 2025
Key Developments:
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Japanese Private Investors: In early April, Japanese private investors sold approximately $17.5 billion in long-term U.S. Treasuries, marking the largest weekly outflow since before the November 2024 U.S. elections. ?Reuters
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Foreign Participation in Treasury Auctions: Foreign demand for short-term U.S. debt weakened, with participation in a 3-year Treasury note auction dropping to 7%, down from the typical 12.4%. This suggests a cautious stance among foreign central banks toward short-term U.S. securities. ?MarketWatch
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Overall Foreign Investment: Despite some reductions, foreign investors increased their purchases of long-term U.S. debt and equities in April, acquiring $44.8 billion worth, though this was a decrease from $54.7 billion in March. ?Haver Analytics+1U.S. Department of the Treasury+1
Contributing Factors:
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Trade Policy Uncertainty: The announcement of new tariffs by the Trump administration on April 2, 2025, introduced significant uncertainty, leading to cautious investment behavior among foreign entities. ?Reuters+1MarketWatch+1
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Economic Indicators: Signs of economic contraction in the U.S. for the first time in three years heightened recession fears, influencing investment decisions. ?MarketWatch
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Currency and Yield Considerations: The strengthening U.S. dollar and rising Treasury yields made U.S. debt more expensive for foreign investors, potentially prompting a reevaluation of portfolio allocations.
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