According to CoinMeta, in June Japan significantly reduced its holdings of U.S. Treasury bonds by $72.1 billion, and the scale of U.S. Treasury bonds held by foreign investors dropped to $9.3 trillion. Japan is the largest holder of U.S. Treasury bonds, and in June it reduced its holdings by about $26.4 billion to $1.12 trillion. Market observers believe that Japan's reduction in holdings was due to the need for foreign exchange intervention and expect it not to sell more U.S. bonds again.