In a significant move before the 2016 presidential election, investors from Japan and China significantly reduced their holdings of US Treasury bonds in the third quarter. According to data from the US Department of the Treasury, Japanese investors sold $61.9 billion worth of securities between July 1 and September 30. Chinese funds followed suit, selling $51.3 billion during the same period. These sales represent the largest amounts on record for both countries. The trend may continue as foreign investors reassess their holdings in anticipation of a new presidential administration.
Source: https://www.bloomberg.com/news/articles/2024-11-19/two-of-america-s-biggest-debt-holders-are-dumping-treasuries