Japan remained the top foreign holder of U.S. Treasury securities in September 2025, with holdings rising to $1.189 trillion. This marks Japan’s highest level since August 2022, when its Treasury stockpile reached $1.196 trillion. Japan has now increased its U.S. debt holdings for nine consecutive months, reflecting strong demand for safe assets.
China’s Treasury Holdings Continue a Long-Term Decline
China’s position slipped slightly to $700.5 billion in September from $701 billion in August. In July, China’s total fell to $696.9 billion, the lowest since October 2008. The gradual decline shows China’s ongoing diversification away from U.S. debt.
Foreign Investors Boost U.S. Equity Buying
Foreign investors purchased a significant $132.9 billion in U.S. equities in September. This is a sharp jump from $89.4 billion in August and a strong reversal from the $16.2 billion outflow seen in July.
Net Capital Inflows Strengthen
The United States recorded a net capital inflow of $190.1 billion in September, up from $187.1 billion in August. July had posted a net capital outflow of $6.6 billion. This steady inflow highlights strong global confidence in U.S. financial markets.
Full Data: Major Foreign Holders of U.S. Treasuries (June–September 2025)
| Country | 2025-09 | 2025-08 | 2025-07 | 2025-06 |
|---|---|---|---|---|
| Japan | 1189.3 | 1180.4 | 1151.4 | 1147.6 |
| United Kingdom | 865.0 | 904.3 | 899.3 | 857.9 |
| China, Mainland | 700.5 | 701.0 | 696.9 | 732.7 |
| Canada | 475.8 | 443.7 | 381.4 | 438.2 |
| Belgium | 466.8 | 454.3 | 428.2 | 433.4 |
| Cayman Islands | 426.9 | 412.4 | 438.6 | 442.7 |
| Luxembourg | 421.0 | 411.0 | 405.0 | 404.6 |
| France | 376.4 | 390.2 | 392.0 | 374.8 |
| Ireland | 340.6 | 343.8 | 324.1 | 317.4 |
| Taiwan | 312.6 | 313.5 | 308.9 | 307.3 |
| Switzerland | 302.1 | 303.0 | 303.0 | 300.9 |
| Singapore | 259.9 | 261.9 | 253.3 | 254.4 |
| Hong Kong | 238.1 | 252.0 | 247.9 | 242.3 |
| Norway | 215.9 | 214.9 | 208.0 | 195.1 |
| India | 202.7 | 219.4 | 219.7 | 227.4 |
| Brazil | 172.7 | 184.5 | 201.7 | 215.3 |
| Korea, South | 142.9 | 136.0 | 132.5 | 126.7 |
| Saudi Arabia | 134.3 | 133.1 | 131.7 | 130.6 |
| Germany | 110.2 | 101.3 | 107.7 | 100.6 |
| Israel | 105.3 | 100.0 | 102.4 | 101.8 |
| All Other | 1789.9 | 1802.0 | 1788.9 | 1752.2 |
| Grand Total | 9249.0 | 9262.6 | 9122.8 | 9103.8 |
| Foreign Official | 3886.8 | 3933.1 | 3898.9 | 3905.9 |
| Foreign Official Treasury Bills | 371.3 | 411.3 | 409.6 | 402.5 |
| Foreign Official T-Bonds & Notes | 3515.4 | 3521.8 | 3489.4 | 3503.4 |
Key Highlights
- Japan leads with $1.189 trillion — highest since 2022.
- China declines to $700.5 billion — near 17-year lows.
- Foreign equity inflows jump to $132.9 billion.
- Net capital inflow rises to $190.1 billion.
- Total foreign holdings reach $9.249 trillion.
This report is based on the latest TIC (Treasury International Capital) data.
