Where Data Tells the Story
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Japan and China—once the dominant foreign holders of U.S. Treasury securities—have steadily reduced their shares over the past two decades. Japan’s share fell from a peak of 40% in 2004 to 20% in 2009 and then to 12.9% by Q3 2025. China’s share dropped from a high of 29% in 2011 to just 7.6% in Q3 2025.
In contrast, the United Kingdom has become a more prominent holder, with its share rising from 2.2% in 2011 to 9.4% in Q3 2025.