Japan is once again the largest holder of US Treasuries

Japan re-takes the lead

The latest TIC flows data is out and shows:

• Japan Treasury holdings at $1.123 trillion
• China holdings at $1.113 trillion

They've been neck and neck for awhile. Two years ago China passed Japan but they've now reversed. One line of thinking will be that this is trade war related but I wouldn't be so quick to draw that conclusion.