Japan overtook China to become the largest foreign holder of US Treasuries in June, with its holdings at the highest level in nearly three years, US Treasury Department said on Thursday.
Japan's holdings of US Treasuries increased 21.9 billion US dollars in June to reach $1.1229 trillion, according to data from the department.
It has been more than two years since Japan held more US Treasuries than China, reports Xinhua.
China, meanwhile, held $1.1125 trillion of US Treasuries in June, a slight increase of $2.3 billion from the previous month, after dropping for three months in a row.
Combined, China and Japan still held more than one third of the total foreign holdings of US Treasuries in the month.
Overall, foreign holders of US Treasuries had $6.6363 trillion of government debt in June, up $97.2 billion from May, indicating growing demand for the safe-haven asset.
© 2017 - All Rights with The Financial Express