Japan's holdings of U.S. Treasuries declined by $96 billion over the past three months to $1.14 trillion, the lowest level since April 2025. Separately, Japanese bond investors are reported to be primed for any changes at the Government Pension Investment Fund (GPIF) as Japan moves toward expansionary fiscal policy.

日本国债持有量的持续减少表明海外对美国国债的需求下降，这可能会影响美国收益率和美元/日元中的美元端。与此同时，在日本扩张性财政立场下，对GPIF政策调整的预期可能影响国内日本国债需求和日元端，将这两个故事都与美元/日元货币对联系起来。