Foreign reporting and market analysis indicate Japan sold foreign securities,
including US Treasuries, in August to help finance a record yen intervention.
Japan’s Finance Ministry data showed foreign securities holdings fell $87.8bn at
end‑August; the ministry earlier said authorities used a record $96.4bn for
intervention in the month to Aug. 26, including some operations coordinated with
the US. The ministry did not disclose security or maturity breakdowns; market
participants estimate about 70% of Japan’s FX reserves are held in US
Treasuries.
