In Q3 2024, Japan sold a net $61.9 billion of Treasuries, the most on record.

This was the second consecutive quarter of selling after $40.5 billion in Q2.

At the same time, China dumped $51.3 billion, the second largest amount ever recorded.

China has now sold Treasuries in 6 out of the last 7 quarters and its total holdings fell below $800 billion for the first time in 16 years.

2 of the world’s biggest foreign holders of US government debt are selling like never before.

What’s happening here?