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As per the latest reports from CNBC, Japan surpassed China as the largest foreign holder of U.S. Treasuries in June. Japan has $1.12 trillion Treasury securities versus Chinese holding of $1.11 trillion. It also makes Japan’s holding the largest since October 2016, as per the reports.

FX implications

Even if the news didn’t show any meaningful market reaction, it can be ascertained as showing China’s silent response to the US protectionism and can support safe-havens.