The big retreat was actually in the BRICS.
The value of Japanese-owned UST is up 5.4% year over year in March, lol.
Meanwhile the value of official China-owned is down 14.8% yoy, but China notoriously owns UST through stealth mechanisms, often in the UK and Belgium where ownership is up 19% and 12.9% yoy respectively.
Hard to say what's going on there with the most trusted name in nothing.
Month over month in March 2026 the total value of all foreign-owned is barely down 1.5%, which is neither unusual nor indicative of much of anything.
On a year over year basis, there were just five net "sellers" among the major foreign holders: China, Taiwan, Switzerland, India (down nearly 24%!), and Brazil (down 19%!).
Officially anyway, BRIC of the BRICS raising hard currency for some reason lol oil.
Japan, China lead foreign government retreat from U.S. Treasurys as Gulf War stokes currency fears
